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Spot gold remains neutral in $1,596-$1,677 range
SINGAPORE : Spot gold remains neutral as it is still hovering in a range of $1,596-$1,677 per ounce.
A rise above $1,
SINGAPORE: Spot gold remains neutral as it is still hovering in a range of $1,596-$1,677 per ounce.
A rise above $1,677 will extend to $1,705, with the potential upside extended to $1,758, if the metal stands firm above $1,705.
A fall below a support at $1,631 will signal the rebound from $1,595.14 has completed, and gold would revisit the Oct. 4 low.
The bias seems to be at the downside, as suggested by a rising wedge.
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.
Copyright Reuters, 2011
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