SINGAPORE: Spot gold looks neutral in a range of $1,716 to $1,746 per ounce, an escape could suggest a direction.

A break below $1,716 could cause a fall into the $1,669-$1,691 range.

However, the bias could be towards the upside, as the metal managed to consolidate below a falling trendline, instead of dropping deeply towards the March 8 low of $1,676.10.

Such a behaviour indicates that bulls have not given up testing the resistance at $1,746. A break could open the way towards $1,761-$1,783 range.

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