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

The bounce from the March 8 low of 1,676.10 may have completed on Tuesday, following a failure of the metal to reach a resistance at $1,746.

The sideways move since Monday signals an exhaustion of the bounce. However, this period could be due to an accumulation of a strong bullish momentum as well, if gold could break $1,746 soon.

A break could lead to a gain into a range of $1,761 to $1,783. On the daily chart, gold is riding on a wave 4, which is ending around a falling trendline.

This wave will be reversed by a downward wave 5. These waves make up a part of a bigger wave C, which is supposed to at least travel to $1,651.

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