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SINGAPORE: Spot gold may retest a resistance at $1,721 per ounce, a break could open the way towards $1,728-$1,739 range.
The metal seems to have stabilized around a support at $1,700.
A small double-bottom is developing, which suggests a target of $1,739.
Spot gold may retest support at $1,700
A break below $1,700 may confirm the continuation of the downward wave C towards $1,683.
On the daily chart, a projection analysis reveals a pivotal support of $1,706, the 161.8% projection level of the downtrend from $1,998.
The doji on July 15 and the gain on Monday proved the support effective in stopping the downtrend.
A trend reversal could be occurring around this level.
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