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SINGAPORE: Spot gold may retreat to $1,773 per ounce, as it failed to break a resistance at $1,800 and a falling trendline.

The failure could have triggered a drop towards $1,773. But more than that, it may have done a big damage to the rise from $1,684.37.

It is doubtful that the rise could extend further into $1,828-$1,862 range. Quite likely, the rise is over. The downtrend form $1,916.40 may have resumed.

A rise above the Tuesday high of $1,809.46 could be extended into the range of $1,828-$1,862. A closer examination on the wave structure of the rise on the hourly chart suggests the completion of a five-wave cycle.

The bearish divergence on RSI confirms the completion. Gold could be falling towards the bottom of the wave (4) around $1,775, close to $1,773 on the daily chart. Only a break above $1,811 could signal the extension of the uptrend towards $1,827-$1,837 range.

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Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.

No information in this analysis should be considered as being business, financial or legal advice. 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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