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SINGAPORE: Spot gold may retest a support at $1,716 per ounce, a break below which could cause a fall into the $1,669-$1,691 range.
The bounce from the March 8 low of 1,676.10 may have completed around a falling trendline.
The downtrend is expected to resume.
Strategically, the resumption of the trend will be confirmed when gold breaks $1,716.
A break above $1,747 could lead to a gain into a range of $1,761 to $1,783.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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