TECHNICALS-Spot gold may retest support $2,472

* For more technical analyses, click TECH/C SINGAPORE, Aug 23 (Reuters) - Spot gold XAU= may retest support at $2,472 per ounce, driven by a wave c. A projection analysis reveals that this wave has briefly travelled below its 100% projection level of $2,481. Chances are it may extend to the 161.8% level of $2,458. The possible further fall is mainly due to the completion of a five-wave cycle from the Aug. 5 low of $2,364.19. The wave d ended around $2,430, suggesting a further fall. Resistance is at $2,500, a break above which may trigger a gain to $2,519. On the daily chart, the drop on Thursday could be classified as a pullback towards a triangle or pennant. But a triangle is generally very unreliable. So the other possibility is a reversal of the uptrend, which failed to extend far above key resistance at $2,511. The focus is now on the support at $2,473, a break below which could cause a drop towards $2,434. * Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own. ** No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult their own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ xau https://tmsnrt.rs/4fXdrMj tech https://tmsnrt.rs/3T12LCm ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Rashmi Aich) (([email protected]; +65 6973 8364/9188 4196))