SINGAPORE: Spot gold may fall into a range of $1,738 to $1,745, as it failed to break a resistance at $1,765 per ounce.

The failure marked the completion of the bounce from $1,727, or its first part.

The metal is expected to seek support at $1,745 or $1,738.

A rise above $1,760 may signal the continuation of the uptrend towards $1,765-$1,774 range.

On the daily chart, gold is making its second attempt to break a falling trendline.

Spot gold may rise into $1,765-$1,774 range

A break above the line, especially a break above $1,779, could confirm the progress of a wave c towards $1,802-$1,831 range.

However, signals on the more sensitive hourly chart began to show weakness of the market.

It is doubtful that gold could break the trendline over the next one or two days.