SINGAPORE: Spot gold may retest a support at $1,619 per ounce, with a good chance of breaking below this level and falling towards $1,599-$1,607 range.

The contract is riding on a wave 5, which is expected to travel into the $1,599-$1,607 range.

The bounce triggered by the support at $1,619 has been almost reversed.

Spot gold may test support at $1,558 in Q4

The reversal signals a continuation of the downtrend.

A break above $1,632 may lead to a gain to $1,639.