SINGAPORE: Spot gold looks neutral in a range of $1,837-$1,858 per ounce, and an escape could suggest a direction.
The nature of the rise from the Tuesday low of $1,836.10 remains unknown. It could be a bounce against the preceding drop from the June 3 high of $1,873.79, or a continuation of the uptrend from $1,786.60.
A wave b ended at $1,857.59 which serves a reference point.
A break above this level may signal an extension of the uptrend while a break below $1,837 could open the way towards $1,817.
Gold witnesses another gain of Rs1250
Signals on the daily chart suggests an upside bias, as a bullish engulfing pattern formed between Monday and Tuesday.
It indicates a further bounce on Wednesday.
Trending signals will become clearer when gold gets out of the range of $1,837-$1,867.
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