SINGAPORE: Spot gold has found a support $1,759 per ounce, it may hover above this level or bounce towards $1,778.

The support is strengthened by another one at $1,762.

It is not very clear how strong the bounce will be. Given that the downtrend from $1,807.79 has not completed, this bounce may end below $1,778.

A break below $1,759 could confirm the continuation of the downtrend towards $1,744.

On the daily chart, gold came close to another support at $1,755, which is expected to work together with the other two supports on the hourly chart to temporarily stop the fall.

There might be the second attempt to test the falling trendline.

A break above $1,779 could lead to a gain into $1,801-$1,831 range.