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.
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.
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Wang Tao is a Reuters market analyst for commodities and energy technicals. The views expressed are his own.
No information in this analysis should be considered as being business, financial or legal advice. 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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