SINGAPORE: Spot gold remains neutral in a range of $1,815-$1,830 per ounce, and an escape could suggest a direction.
The bias could be towards the downside, as the metal has briefly pierced below a support at $1,815. This is the second time it attempted to break this level.
A drop to $1,810 may confirm the break below $1,815 and a target of $1,801. A break above $1,830 could lead to a gain to $1,848. On the daily chart, the uptrend looks steady within a rising channel, which suggests a target around $1,920.
Spot gold neutral in $1,815-$1,830 range
Based on the retracement analysis on the rise from $1,684.37, the metal may end its current shallow correction around $1,803, close to $1,801.
A break above $1,831 could confirm the continuation of the uptrend.
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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