Spot gold remains neutral in $1,769-$1,797 range
- It seems the metal tested the support at $1,769 more often than the resistance at $1,797.
SINGAPORE: Spot gold remains neutral in a range of $1,769-$1,797 per ounce, and an escape could suggest a direction.
A break below $1,769 could open the way towards the range of $1,744-$1,758, while a break above $1,797 could lead to a gain to $1,825.
Wave pattern indicates a downside bias, as a wave 5 is yet to unfold.
It seems the metal tested the support at $1,769 more often than the resistance at $1,797.
Based on this behaviour, the metal may fall as well.
On the daily chart, signals are also mixed. Gold is trying to stabilize around a support at $1,771.
Whether this effort is successful will be known very soon, as gold simply can't consolidate around this level forever.
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