Spot gold may retest support at $4,317

Spot gold may retest a support at $4,317 per ounce, with a break below possibly triggering a fall into the $4,298-$4,317 range. The fall from $4,400 is expected to consist of three waves. The metal failed twice to break a resistance at $4,373, suggesting the completion of the second wave. The current wave c is capable of travelling far below the bottom of the wave a at $4,322. A break above $4,373 could be followed by a rise toward $4,406-$4,446.