SINGAPORE: Spot gold may test a support at $1,763 per ounce, with a good chance of breaking below this level and falling into a range of $1,738-$1,753.The metal has broken a higher support at $1,772.

The break confirmed its move into a range defined by a lower channel. A retracement analysis reveals a target of $1,738, the 50% level, which is pointed by the channel as well.

A realistic target will be $1,753. A gain from the current level will be regarded as a pullback towards the upper channel. The pullback may end around $1,780.

On the daily chart, following its failure to overcome a barrier at $1,799, the metal broke a support at $1,775. The break opened the way towards $1,723-$1,752 range.

The uptrend from $1,676.10 may resume, if the metal manages to end its fall around $1,752.

A further drop below this level could suggest a continuation of the downtrend from $1,959.

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