Markets

Spot gold neutral in $1,833-$1,861 range

  • The failures suggest the completion of a bounce from the Jan. 11 low of $1,816.53.
Published January 15, 2021

SINGAPORE: Spot gold looks neutral in a range of $1,833-$1,861 per ounce, and an escape could suggest a direction.

A break below $1,833 could confirm a continuation of the downtrend towards a zone of $1,797-$1,819, while a break above $1,861 could lead to a gain into $1,869-$1,883 range.

The bias looks towards the downside, as the fall from $1,959.01 is categorized as a continuation of the preceding downtrend from the Aug. 7, 2020 high of $2,072.50.

On the daily chart, gold failed twice to break a resistance at $1,862, the 50% retracement of the uptrend from $1,764.29 to $1,959.01.

The failures suggest the completion of a bounce from the Jan. 11 low of $1,816.53.

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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