TECHNICALS-Spot gold may retest support at $2,638

* For more technical analyses, click TECH/C SINGAPORE, Jan 6 (Reuters) - Spot gold XAU= may retest support at $2,638 per ounce, a break below which could open the way towards $2,617 to $2,623 range. The metal experienced a correction so deep that it strongly suggests a completion of a wave c from $2,596. Even though potentially, this wave might extend to $2,685, the deep fall on Jan. 3 represents a dissipation of the bullish momentum. The occurrence of the correction around $2,671, the 61.8% retracement of the trend from $2,726, particularly increases the chance of the downtrend to resume. A break above $2,651 could trigger a gain into $2,659 to $2,664 range. A further gain could confirm an extension of the wave c towards $2,685. On the daily chart, the metal failed to break resistance at $2,676. The failure indicates the completion of a bounce triggered by the support at $2,603. Most likely, market would retrace towards this level. * 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/4gJ7wuc tech https://tmsnrt.rs/40maPlq ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Mrigank Dhaniwala) (([email protected]; +65 6973 8364/9188 4196))