SINGAPORE: Spot gold looks neutral in a range of $1,915-$1,940 per ounce, and an escape could suggest a direction.
The metal is presumed to be riding on a wave c from $1,965.40.
This wave may travel into a wide range of $1,790 to $1,857, formed by its 100% and 61.8% projection levels.
A break below $1,915 could confirm the continuation of the wave c towards $1,878-$1,898 range, while a break above $1,840 may lead to a gain into $1,953-$1,965 range.
On the daily chart, gold is stuck in a bigger neutral range of $1,890 to $1,959.
There is little clue of the following direction.
The consolidation may either turn out to be a bottom pattern or a continuation pattern. Signals on the hourly chart suggest a downside bias.
Comments
Comments are closed.