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 presumably 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.
However, for some unknown reasons, gold is stabilising around $1,915. Its behaviour casts some doubt on the current wave count.
A break below $1,915 could confirm the extension of the wave c towards $1,878, while a break above $1,939 may lead to a gain to $1,965.
Spot gold neutral in $1,915-$1,940 range
On the daily chart, gold remains sideways within a neutral range of $1,890 to $1,959.
To be precise, the moves are centred around $1,925.
Even though it is possible to make a few guesses on the following direction, it could be strategically safe to target $1,848 or $2,001 when the metal gets out of the range.
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