SINGAPORE: Spot gold may test a resistance at $1,744 per ounce, a break above which could lead to a gain to $1,759.

Generally, the bounce triggered by the 61.8% retracement could extend to the 38.2% level.

In the case of gold, the 38.2% level sits at $1,759.

A more optimistic scenario is a resumption of the uptrend from $1,680.25. A break below $1,729 may open the way towards $1,710.

The break will basically wipe out the chance of the uptrend extension.

On the daily chart, the support at $1,727 works well.

Spot gold may fall into $1,756-$1,767 range

Bulls may launch their second attack on the falling trendline from around this level.

A downward wave b seems to be ending around $1,727. It will be partially or totally reversed by the subsequent wave c.