TECHNICALS-Spot gold may bounce into $2,610-$2,624 range

* For more technical analyses, click TECH/C SINGAPORE, Nov 15 (Reuters) - Spot gold XAU= may bounce into a range of $2,610 to $2,624 per ounce, as it stabilised around key support at $2,552. The support is identified as the 361.8% projection level of a downtrend from $2,762. A five-wave cycle from $2,710 happened to end around $2,552. The completion of this wave, along with the bullish divergence on the hourly RSI, increases the chance of a further bounce towards the peak of the wave 4 around $2,610. A break below $2,552 may open the way towards $2,516 to $2,530 range. On the daily chart, a rising channel establishes support around $2,544. The appearance of a hammer on Nov. 11 suggests a stabilisation of the market and a possible resumption of the uptrend within the channel. * 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/4fqVmFD tech https://tmsnrt.rs/3AH9dZv ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Subhranshu Sahu) (([email protected]; +65 6973 8364/9188 4196))