Spot gold remains neutral in $1,795-$1,810 range
- The wedge will prove to be a bearish pattern, suggesting a target around $1,760
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.
Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.
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