SINGAPORE: Spot gold looks neutral in a range of $1,815-$1,830 per ounce, and an escape could suggest a direction.

The bias could be towards the upside, as the metal is riding on a wave C, which is expected to travel to $1,850, its 61.8% projection level, or far above the peak of the wave A at $1,876.90.

A break below $1,815 could cause a further fall to $1,801, while a break above $1,830 could lead to a gain to $1,848.

Gold slips as yields edge up, Fed rate hikes loom

On the daily chart, the uptrend remains steady within a rising channel, which suggests a target around $1,920.

A realistic target will be either $1,849 or $1,877.

The rise consists of five waves. The wave e is unfolding towards $1,849-$1,877 range.

This wave structure suggests the development of a big flat from $1,677.61, which may turn out to be a bearish continuation pattern upon its completion.

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