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Spot gold looks neutral in a narrow range of $1,404-$1,421 per ounce, and an escape could suggest a direction.
The range is formed by the 100 per cent and the 107 per cent projection levels of an upward wave C from $1,159.96. A break above $1,421 will not only open the way towards $1,439, but also confirm a bullish pennant, which suggests a target at $1,497.
A break below $1,403 could cause a fall to $1,387. A further dip would confirm a double-top and a bearish target at $1,346 will be established accordingly.
(No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.)
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