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.