SINGAPORE: Spot gold remains neutral in a range of $1,801-$1,815 per ounce, and an escape could suggest a direction.
The rise from the Dec. 21 low of $1,783.90 looks confusing, which could be an extension of the uptrend from $1,753.30 or a part of the consolidation from the Dec. 17 high of $1,814.50.
A break above $1,815 will confirm the extension of the uptrend towards $1,830-$1,848 range while a break below $1,801 could signal the resumption of the downtrend from $1,876.90.
Readings on the daily chart suggest an upside bias, as gold has broken a resistance at $1,803.
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The break may have opened the way towards $1,831.
Once the metal rises to $1,831, a wedge will most likely be confirmed as a bullish pattern.
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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