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Markets

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.
29 Jun 2021

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.

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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