SINGAPORE: Spot gold remains neutral in a range of $1,915-$1,940 per ounce, and an escape could suggest a direction. The metal seems 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.

However, its sideways move within the range seems to defy this bearish view.

With the metal approaching $1,940 again, chances are increasing that it may break this level and rise more.

Spot gold neutral in $1,915-$1,940 range

A break below $1,915 could confirm the extension of the wave c towards $1,878. On the daily chart, gold remains sideways within a neutral range of $1,890 to $1,959.

Only a strong move could suggest the next direction.

To play safe, it is advisable to wait for a break above $1,959 or below $1,890.