TECHNICALS-Spot gold may retrace into $2,652-$2,678 range

* For more technical analyses, click TECH/C SINGAPORE, Nov 25 (Reuters) - Spot gold XAU= may retrace into a range of $2,652 to $2,678 per ounce, as a five-wave cycle from $2,538 may have completed. The completion was indicated by a failure of the contract to maintain above a rising trendline, and the bearish divergence on the hourly RSI. Theoretically, the metal could drop into the $2,630 to $2,652 range, which overlaps the territory of the wave 4. A break above $2,722 could lead to a gain into the $2,733 to $2,759 range. On the daily chart, the metal faces resistance at $2,721, which increases the chance of a fall towards $2,676. Considering the symmetrical nature of the chart, gold may even retrace a bit lower to $2,643, the Nov. 7 low. * 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. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ tech https://tmsnrt.rs/3Opxvus xau https://tmsnrt.rs/3AXrqSD ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Subhranshu Sahu) (([email protected]; +65 6973 8364/9188 4196)) ((If you have a query or comment on this story, send an email to [email protected]))