Spot gold neutral in $1,795-$1,809 range
- On the daily chart, the metal has been hovering below a resistance at $1,806 for a few days. It is more likely to seek a support at $1,784
SINGAPORE: Spot gold looks neutral in a range of $1,795-$1,809 per ounce. An escape could suggest a direction.
The metal is consolidating within a falling wedge, which formed after an uptrend. It looks like a bullish continuation pattern and will be confirmed when gold breaks above $1,815.
A break below $1,795 may signal the continuation of the downtrend towards $1,781-$1,785 range, as the wedge will be confirmed as a bearish pattern.
On the daily chart, the metal has been hovering below a resistance at $1,806 for a few days. It is more likely to seek a support at $1,784.
A rise above the Monday high of $1,811 may confirm a break above $1,806 and a target of $1,840.
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