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Spot gold remains neutral in $1,802-$1,822 range

  • This could be a pause before a deep fall or an accumulation of bullish momentum
04 Aug 2021

SINGAPORE: Spot gold remains neutral in a range of $1,802-$1,822 per ounce, and an escape could suggest a direction.

A break below $1,802 could cause a fall to the July 23 low of $1,789.98, while a break above $1,822 could lead to a gain into $1,832-$1,853 range.

Regardless of the following direction, the metal may approach $1,822 first, as it managed to stabilize in the support zone of $1,802-$1,810.

On the daily chart, gold remained above a support at $1,806. This could be a pause before a deep fall or an accumulation of bullish momentum.

Gold prices slightly changed

A break below the support could cause a fall to $1,784 while a break above $1,841 could confirm the continuation of the wave c towards the $1,869-$1,897 range.

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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