Spot gold neutral in $1,795-$1,809 range
- On the daily chart, the metal has been hovering below a resistance at $1,806 for a few days. It is more likely to seek a support at $1,784
SINGAPORE: Spot gold looks neutral in a range of $1,795-$1,809 per ounce. An escape could suggest a direction.
The metal is consolidating within a falling wedge, which formed after an uptrend. It looks like a bullish continuation pattern and will be confirmed when gold breaks above $1,815.
A break below $1,795 may signal the continuation of the downtrend towards $1,781-$1,785 range, as the wedge will be confirmed as a bearish pattern.
On the daily chart, the metal has been hovering below a resistance at $1,806 for a few days. It is more likely to seek a support at $1,784.
A rise above the Monday high of $1,811 may confirm a break above $1,806 and a target of $1,840.
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.
Comments
Comments are closed for this article.