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SINGAPORE: Spot gold looks neutral in a range of $1,844-$1,858 per ounce, and an escape could suggest a direction.
A break below $1,844 may signal a continuation of the downtrend from the June 3 high of $1,873.79.
However, the bias could be towards the upside, as the rise from the Tuesday low of $1,836.10 looks steady.
The rise may have built some momentum after the shallow correction from the June 7 high of $1,855.39.
Spot gold neutral in $1,837-$1,858 range
It could be extending towards $1,867. On the daily chart, a retracement analysis reveals a neutral range of $1,836.51-$1,867.39.
Trending signals will become clearer when gold gets out of this range.
The stabilization of the price around $1,837 suggests an upside bias.
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