SINGAPORE: Spot gold may drop to $1,763 per ounce, as it may have completed a rise from $1,722.94.

The rise had been driven by a wave c, which could be well broken down into five smaller waves. This structure, along with a drop around the 100% projection level of $1,803, signals a completion of the wave c.

Only a surge above the Thursday high of $1,797.67 could confirm the extension of the wave c towards $1,833-$1,852 range.

On the daily chart, a retracement analysis on the fall from $1,875.26 reveals a key resistance at $1,799, around which the rise lost its momentum.

The metal may consolidate in a narrow range of $1,776-$1,799 or retreat towards $1,752, if the support at $1,776 is unable to hold.

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