SINGAPORE: Spot gold may retest support at $1,641 per ounce, a break below which could open the way towards $1,614.

So much of the gain from $1,613.60 has been clawed back by bears that this low could be soon revisited. Support at $1,641 works as the last barrier towards $1,613.60.

The bounce triggered by support at $1,641 has been totally reversed.

The reversal signals a continuation of the downtrend from $1,729.39.

Gold heads for worst week in two months

A break above $1,658 may lead to a gain to $1,672. On the daily chart, the downtrend remains steady within a falling channel, which suggests a target of $1,536.

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

A total of 11 waves may make up the downtrend, to form a triple-zigzag.