SINGAPORE: Spot gold may fall to $1,744 per ounce, as it has broken a support at $1,759.

The next support will be at $1,744, based on a retracement analysis. Strategically, this target of $1,744 will be confirmed when gold breaks $1,754.

A rise above $1,762 would signal the break below $1,759 was false, a bullish target range of $1,771-$1,778 will be established accordingly.

Spot gold may hover above $1,759

On the daily chart, the support at $1,755 proved weak, as it only triggered a moderate bounce on Thursday. Gold is poised to break this support and fall towards $1,727.

The metal may make the second attempt to test the falling trendline.

But that is probably to occur when gold falls to $1,727.