SINGAPORE: Spot gold may retest a support at $1,627 per ounce, a break below which may open the way towards $1,614-$1,619 range.

The contract is riding on a wave 3, which has briefly travelled below its 161.8% projection level at $1,632.

Chances are it may extend to $1,607.

Gold sinks to more than 2-year low

Resistance is at $1,647, a break above which may lead to a gain into $1,652-$1,660 range.