SINGAPORE: Spot gold looks neutral in a narrow range of $1,828 to $1,846 per ounce. An escape could suggest a direction.

The range is formed by the 23.6% and the 14.6% projection levels on a downtrend from $1,875.07. The trend is supposed to be driven by a wave c.

Mathematically, this wave is closely related to the preceding downtrend from the Nov. 9 high of $1,965.33. A break above $1,846 could lead to a gain to $1,861.

However, the bias could be towards the downside, as the wave c is expected to travel into the range of $1,751 to $1,798. On the daily chart, gold broke a support at $1,841, the 38.2% retracement on the fall from $1,965.33 to $1,764.29.

The break opened the way towards the next support at $1,812.

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