SINGAPORE: Spot gold may retest a support at $1,716 per ounce, a break below which could cause a fall into a range of $1,669-$1,691.

The metal has briefly pierced below the support, the 107% projection level of the wave C from $1,875.26. This wave is expected to travel into the range of $1,634-$1,669.

The current bounce triggered by the bounce is expected to be weaker than the one from the Feb. 26 low of $1,716.85, probably to end around $1,746.

Only a break above $1,761 could signal the completion of the wave C. On the daily chart, gold is still testing the support at $1,723, the 76.4% projection level of a downward wave C from $1,959.01.

This wave may extend to $1,651 or into $1,460-$1,533 range. A drop to $1,715 may confirm a break below $1,724 and the target of $1,651.

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