TECHNICALS-Spot gold may fall into $2,126-$2,131 range

* For more technical analyses, click TECH/C SINGAPORE, March 18 (Reuters) - Spot gold XAU= may fall into a range of $2,126-$2,131 per ounce, as suggested by its wave pattern and a bearish pennant. The current fall was due to the completion of a five-wave cycle from $2,024.32. The wave (4) ended around $2,126, which serves as a target. The pennant has been confirmed, indicating a target slightly lower than $2,126. Resistance is at $2,152, a break above which could lead to a gain into $2,164-$2,169 range. On the daily chart, the metal is testing the support zone of $2,135-$2,147. The current speculation is that the zone won't hold, as the drop was triggered by strong resistance at $2,186. The drop also followed the completion of a five-wave cycle (hourly chart). A decent correction seems unavoidable. A break below $2,135, which looks highly likely, may open the way towards $2,109. ** Charts are unavailable in emails received through "Alert". To view charts, key in the news code TECH/C . ** 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/49R5iWi tech https://tmsnrt.rs/49XHf84 ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Wang Tao; Editing by Mrigank Dhaniwala) (([email protected]; +65 6973 8364/9188 4196))