SINGAPORE: Spot gold may retest a support at $1,619 per ounce, with a good chance of breaking below this level and falling towards $1,599-$1,607 range.
The contract is riding on a wave 5, which is expected to travel into the $1,599-$1,607 range.
The bounce triggered by the support at $1,619 has been almost reversed.
Spot gold may test support at $1,558 in Q4
The reversal signals a continuation of the downtrend.
A break above $1,632 may lead to a gain to $1,639.
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