SINGAPORE: Spot gold may retest a support at $1,691 per ounce, with a good chance of breaking below this level and falling towards the range of $1,634 to $1,669.

The metal is riding on a wave C from $1,875.26, which is expected to travel into the range of $1,634 to $1,669. The bounce triggered by the support at $1,691 looks weak. It may end around $1,716.

A rise to $1,724 could confirm a break above $1,716 and a target of $1,746. On the daily chart, gold may fall to $1,651, the 100% projection level on a downward wave C from $1,959.01, as pointed by a falling trendline.

The strong support at $1,651 may trigger a bounce towards $1,693.

A break below $1,651 could open the way towards the range of $1,461-$1,533.

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