TECHNICALS-Spot gold may retest support at $2,617

* For more technical analyses, click TECH/C SINGAPORE, Jan 7 (Reuters) - Spot gold XAU= may retest support at $2,617 per ounce, a break below could open the way towards $2,596. The uptrend from $2,583 adopted a corrective wave mode, which suggests a steady downtrend from $2,726. The uptrend is believed to have ended around key resistance at $2,671, the 61.8% retracement. As long as the metal remains below $2,651, the bearish outlook will keep unchanged. A break above this resistance would not only trigger a gain into the $2,659 to $2,664 range, but also indicate an extension of the uptrend from $2,583. On the daily chart, the metal seems to be riding on a wave c, which is expected to travel to the bottom of the wave a around $2,544. As a part of this wave, the consolidation in the range of $2,603 to $2,676 may have completed. The metal is expected to retest support at $2,603. * 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/4j2Dwv0 tech https://tmsnrt.rs/4j1Jts7 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Sherry Jacob-Phillips) (([email protected]; +65 6973 8364/9188 4196))