TECHNICALS-Spot gold to retest support at $2,603

* For more technical analyses, click TECH/C SINGAPORE, Oct 9 (Reuters) - Spot gold XAU= is expected to retest support at $2,603 per ounce, as it has briefly pierced below support at $2,612. The support is identified as the 100% projection level of a wave C from $2,673. Even though market managed to climb above $2,612, there is no convincing signal of the wave C having completed. A break below $2,612 could confirm the extension of this wave towards the $2,575 to $2,589 range. A break above $2,627 could trigger a gain into the $2,635 to $2,643 range. On the daily chart, the metal has broken support at $2,636. The break increases the chance of a drop towards $2,592. The depth of the current fall remains unclear. A stabilization of the price around $2,592 could suggest a steady uptrend, which may extend towards $2,683. A break below $2,592 would be the very early sign of a deeper correction towards $2,473, around which, a wave b ended. * 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/3BBG1TT tech https://tmsnrt.rs/4eWacTU ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Sonia Cheema) (([email protected]; +65 6973 8364/9188 4196))