Spot gold still targets $1,883-$1,905 range
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Spot gold still targets $1,883-$1,905 range
SINGAPORE (Reuters) - Spot gold still targets a range of $1,883 to $1,905 per ounce, as it has dropped below a rising wedge. The wedge was confirmed as a top pattern.
It is considered as the final part of the uptrend from $1,771.89, which may have reversed. The consolidation within the narrow range of $1,919-$1,933 is expected to be followed by another round of drop.
A break above $1,933, however, could lead to a gain into $1,942-$1,956 range.
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On the daily chart, the drop is classified as a pullback towards $1,896, as there has been no convincing signal of a trend reversal. A break below $1,898 would trigger a drop into $1,858-$1,875 range. Such a drop could be deep enough to suggest a trend reversal.
