SINGAPORE: Spot gold may drop into a range of $1,766-$1,780 per ounce, following its failure to break a resistance at $1,825.

The failure, along with the subsequent drop, suggests a completion of a wave (c), which just narrowly missed its target of $1,833.

A break above $1,806 could lead to a gain into $1,816-$1,833 range.

On the daily chart, a rising wedge has contracted to a point.

It looks like a top pattern, to be followed by a deep drop.

Spot gold may retest resistance at $1,825

This pattern will be confirmed when gold drops below its Dec. 13 low of $1,778.60.

A bearish target of $1,721 will be established thereafter.