SINGAPORE: Spot gold remains neutral in a range of $1,795-$1,810 per ounce. An escape could suggest a direction.

A falling wedge is contracting to a point. A strong move is due.

This wedge formed after an uptrend. It looks like a bullish continuation pattern and will be confirmed when gold breaks above $1,810.

A break below $1,795 could confirm the continuation of the downtrend towards $1,781-$1,785 range.

Spot gold may test resistance at $1,746

The wedge will prove to be a bearish pattern, suggesting a target around $1,760.

On the daily chart, the metal is assumed to be riding on a wave c from $1,749.20, which is capable of travelling into $1,840-$1,897 range.

Even if this wave count turns out to be incorrect later on, the rise from $1,749.20 may consist of three parts. The third part is yet to develop.

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