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.
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.
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