SINGAPORE: Spot gold is due for a sharp move, as its consolidation within a wedge is near an end.
It is hard to figure out a direction yet, as gold is still bouncing up and down within a narrow range defined by two trendlines of the wedge, signals could be neutral so long as the pattern remains intact.
Strategically, a more reliable signal than an escape from the wedge will be when gold either drops below the May 12 low of $1,279.60 or climbs above $1,309, the 61.8 percent Fibonacci projection level of an upward wave c.
The views expressed are his own.
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