SINGAPORE: Spot gold looks neutral in a range of $1,283-$1,303.50 per ounce, and an escape will point a direction.
A wedge that started on April 24 is contracting to a point, indicating a coming strong move.
Until gold gets out of the range, it could be hard to predict the following trend.
However, wave pattern does suggest a downside bias, as a wave (c) that developed from the April 14 high of $1,330.90 seems to be only partially complete.
A bearish target at $1,260 will be established should gold drop below the May 21 low of $1,283.
A rise above the May 22 high of $1,303.50 will confirm the wedge to be bullish, which points a target at $1,330.
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 his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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