SINGAPORE: Spot gold may test a support at $1,669 per ounce, a break below which could cause a fall to $1,634.

The metal is riding on a wave C from $1,875.26, which is expected to travel into the range of $1,634 to $1,669. It is pulling back towards $1,691, the former support, now a resistance.

A break above $1,691 may lead to a gain to $1,716. On the daily chart, gold has cleared a support at $1,693, the 86.4% projection level on a downward wave C from $1,959.01.

This is the last barrier towards $1,651, which is suggested by a falling trendline as a target.

It is not very clear if the wave C would end around $1,651 or extend deeply into the range of $1,461-$1,533.

Regardless of its ending point, this wave may be disrupted by a strong bounce around $1,651.

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.