SINGAPORE: Spot gold is poised to break a support at $1,660 per ounce and fall towards $1,642, as the bounce triggered by this support seems to have completed.

The bounce has been shaped into a triangle, which itself is a bearish continuation pattern.

It makes up a more bearish pennant together with the preceding fall.

The triangle suggests a target of $1,642 while the pennant a much lower target of $1,614.

A break above $1,674 may lead to a gain to $1,689.

On the daily chart, the downtrend remains steady within a falling channel, which suggests a target of $1,536.

Spot gold still targets $1,642

Wave pattern indicates the progress of a wave c, which could at least travel to $1,611.

The bounce triggered by the support at $1,657 looks weak.

It symbolizes a prevailing bearish sentiment. The support could be broken on either Thursday or Friday.