Spot gold neutral in $1,802-$1,822 range
- Following its two failures to break a resistance at $1,833, gold may revisit its July 23 low of $1,789.98
SINGAPORE: Spot gold looks neutral in a range of $1,802-$1,822 per ounce, and an escape could suggest a direction.
Following its two failures to break a resistance at $1,833, gold may revisit its July 23 low of $1,789.98.
However, this target will only be confirmed when gold breaks $1,802.
A break above $1,822 may lead to a gain to $1,832. A retracement analysis on the fall from $1,916.40 to $1,749.20 marks a bigger neutral range from $1,789 to $1,833.
The trending signal will become clearer when the metal gets out of the bigger range. On the daily chart, the nature of the rise from $1,749.20 remains unclear.
The rise has been presumed to be an extension of the uptrend from the March 31 low of $1,677.61. Following its two failed attempts to break a resistance at $1,840, the presumption looks doubtful.
Until the metal falls below $1,784, the continuation of the downtrend from the June 1 high of $1,916.40 will not be confirmed either.
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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