SINGAPORE: Spot gold may fall into a range of $1,669-$1,691 per ounce, as suggested by its wave pattern and a projection analysis.

A weak bounce triggered by the support at $1,716 has been totally reversed. The reversal confirms an extension of a downward wave C towards $1,634-$1,669 range, formed by its 161.8% and 100% projection levels.

The drop from the Jan. 29 high of $1,875.26 to the Feb. 19 low of $1,759.29 adopted a zigzag mode. The current fall looks much sharper. The fall could be accelerating.

Another bounce is unlikely to occur around $1,716. Such a bounce may be limited to $1,746 if it takes place. On the daily chart, gold has cleared the last barrier towards $1,651. It may drop quickly towards this level.

It might be too bold to target $1,460-$1,533 range right now. However, the preceding zigzagging fall does suggest a possible crash into this zone.

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.