Spot gold remains sideways in $1,761.94-$1,811/oz range

SINGAPORE: Spot gold may continue its sideways move in a range of $1,761.94-$1,811 per ounce, as pointed by two trendlines.

The metal tested the upper trendline which descended from the Sept. 6 high of $1,920.30, but failed to break above it, increasing a chance for a bounce back to the lower trendline which rose from the Aug. 25 low of $1,702.44.

The metal needs to stand above $1,811 to confirm a high-low bottom with a target at $1,839.49 -- an hourly chart high touched on Sept 14, while a fall below $1,761.94 will open the way to $1,730.

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Copyright Reuters, 2011