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SINGAPORE: Spot gold is expected to break a support at $1,660 per ounce, and fall into $1,644-$1,648 range. The contract is riding on a wave C from $1,765.39, which is capable of travelling into $1,635-$1,654 range.

A projection analysis on the downtrend from $1,731.69 reveals more accurate levels that have been controlling the fall.

Immediate resistance is at $1,667, a break above which could lead to a gain into $1,671-$1,675 range.

On the daily chart, the downtrend looks steady within a falling channel, which points at $1,611.

A bearish flag has been confirmed, suggesting a similar target.

The support at $1,657 is working with the one at $1,660 on the hourly chart to temporarily stop the fall.

Spot gold hits lowest level since March 2021

It is not very clear if a bounce could be triggered.

The strong bearish momentum on Thursday decreases the chance of the bounce.

Most likely, such a bounce would be limited to $1,686, if it occurs.

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