SINGAPORE: Spot gold may fall to $1,752 per ounce, as the correction from $1,797.67 has extended.
The correction is driven by a wave c, which may travel into a wide range of $1,724-$1,752. A rising trendline has been broken. The break signals a reversal of the uptrend from $1,677.70.
Resistance is at $1,780, a break above which could lead again into $1,789-$1,798 range.
On the daily chart, the fall triggered by the resistance at $1,799 has resumed.
The nature of the fall remains unclear, which could be a continuation of the downtrend from $2,072.50 or a simple correction against the rise from $1,676.10.
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