SINGAPORE: Spot gold may slide further into a range of $1,938-$1,947 per ounce, as suggested by a projection analysis. The contract is riding on a wave c, which is expected to extend into a range of $1,929-$1,947, as this wave has briefly travelled below its 123.6% projection level.

Resistance is at $1,964, a break above which may lead to a gain into $1,970-$1,975 range.

On the daily chart, a rising trendline points at a target of $1,939.

Spot gold may end bounce around $2,020

A retracement analysis on the uptrend from $1,613.60 indicates a lower target zone from $1,843 to $1,897.

Most likely, the trendline could be broken soon.