SINGAPORE: Spot gold may fall into a range of $1,929-$1,947 per ounce, as its consolidation above a support at $1,957 may have completed. The completion was confirmed by two failed attempts of bulls to push the metal above a resistance at $1,985.

Three waves make up the consolidation, which is viewed as a flat pattern. Wave pattern suggests the progress of a wave 5, which gauged by the depth of the wave 4, may travel to $1,929.

Immediate resistance is at $1,964, a break above which may lead to a gain into the $1,970-$1,984 range.

Spot gold poised to fall into $1,929-$1,947 range

On the daily chart, gold was back on its way towards $1,939, a target pointed by a rising trendline. A retracement analysis on the rise from $1,613.60 reveals a lower target zone of $1,843-$1,897.

The lower the metal drops, the more likely a triple-top around $2,073 is confirmed.