TECHNICALS-Spot gold may extend gains to $2,672-$2,685 range

* For more technical analyses, click TECH/C SINGAPORE, Jan 3 (Reuters) - Spot gold XAU= may extend gains to a range of $2,672 to $2,685 per ounce, driven by a wave c. This wave has travelled above its 100% projection level of $2,651. It has a better chance of extending to the range formed by the 138.2% and 161.8% levels. A retracement analysis on the downtrend from $2,726 to $2,583 reveals a more bullish target of $2,671, close to the low of the range of $2,672 to $2,685. Support is at $2,651, a break below which could trigger a drop into $2,638 to $2,643 range. On the daily chart, the current rise may observe a series of retracements on the uptrend from $2,295 to $2,793. The metal is expected to test resistance at $2,676, a break above which could open the way towards $2,721. * 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/4fJX98r tech https://tmsnrt.rs/3DPd7k4 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Savio D'Souza) (([email protected]; +65 6973 8364/9188 4196))