TECHNICALS-Spot gold may retest resistance at $2,672

* For more technical analyses, click TECH/C SINGAPORE, Jan 9 (Reuters) - Spot gold XAU= may retest resistance at $2,672 per ounce, with a good chance of breaking above and rising to $2,685. The metal is riding on a wave c, which is expected to travel to $2,685, its 161.8% projection level. This wave seems to have lost its momentum around the 138.2% level of $2,672. As long as the market remains above $2,651, the bullish target of $2,685 will be intact. A break below $2,651 may signal the completion of this wave c and a bearish target of $2,617 will be established accordingly. On the daily chart, the metal is retesting resistance at $2,676, a break above which may open the way towards $2,721 to $2,759 range. A failure to break the resistance would be followed by a deep fall into $2,544 to $2,603. The current speculation is that market may briefly pierce above $2,676 before falling. * 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/3PsVvgx tech https://tmsnrt.rs/4fPK39t ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Savio D'Souza) (([email protected]; +65 6973 8364/9188 4196))