SINGAPORE: Spot gold may test a support at $1,743 per ounce, a break below which could cause a fall into the $1,724-$1,736 range.

The fall from the Sept. 3 high of $1,833.80 adopted a five-wave mode.

The metal is riding on a powerful wave (3), which is likely to extend to $1,724.

The bounce from the Sept. 8 low of $1,781.30 has been almost reversed. The reversal signals a continuation of the wave (3).

Gold hits over 1-month low as stronger dollar dents appeal

An extension of the bounce may be limited to $1,763.

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