SINGAPORE: Spot gold may retest a support at $1,744 per ounce, a break below could cause a fall into the $1,724-$1,736 range.
The fall from the Sept. 3 high of $1,833.80 adopted a five-wave mode. The metal is riding on a powerful wave (3), which is expected to extend to $1,724, as it has travelled briefly below the 123.6% of projection level of $1,744.
Resistance is at $1,768, a break above could lead to a gain to $1,776.
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