SINGAPORE: Spot gold may bounce into a range of $1,761-$1,783 per ounce, as suggested by its wave pattern and a projection analysis.

A downward wave C from $1,875.26 has completed around $1,726, its 100% projection level. The current bounce could be as strong as the one from the Feb. 19 low of $1,759.29, to extend to $1,783, as suggested by a falling channel.

A break below $1,726 could confirm the extension of the wave C towards $1,669.

On the daily chart, gold has found a support at $1,724. It is bouncing towards $1,769.

It is not very clear if the bounce could be strong enough to extend to $1,805. Regardless of the ending point of this bounce, the downtrend may resume towards its ultimate target of $1,651, as a downward wave C is expected to travel to this level.

Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.