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SINGAPORE: Spot gold may retest a support at $1,633 per ounce, a break below which could open the way towards $1,617.

The rise from $1,630.79 proved to be a bounce against the fall from $1,674.76, following the drop from the Wednesday high of $1,669.31.

The fall confirmed the completion of a short-lived wave c.

The downtrend from $1,729.39 may have resumed.

Immediate resistance is at $1,644, a break above which may not necessarily lead to a gain to $1,660.

On the daily chart, the metal failed again to break a resistance at $1,657 and escape from a falling channel.

Spot gold may retest resistance at $1,673

The outlook appears to be very bearish, as the downtrend is poised to resume within the channel, which suggests a target of $1,489.

A break above $1,657, however, could lead to a gain into a wide range of $1,686-$1,733.


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