SINGAPORE: Spot gold may break a support $1,784 per ounce, and fall towards a range of $1,767-$1,773.
A five-wave cycle from the July 21 low of $1,680.25 may have completed, as suggested by a break below a rising trendline.
The bearish divergence on the hourly RSI indicates a remote chance of the uptrend extension.
A decent correction could have started, aiming at $1,756, near the bottom of the wave d.
The consolidation in the range of $1,784-$1,801 is regarded as a preparation for a deep fall, instead of a rise.
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A break above $1,801 could lead to a gain into $1,812-$1,821 range.
On the daily chart, gold failed to break a falling trendline.
The failure could be followed by a deep correction or a resumption of the downtrend from $2,069.89.
A break above the trendline resistance at $1,800 may lead to a gain to $1,829.
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