Gold is trading now in a range between 845.50 and 834.70 which are the 50% and 38.2% correction for the downside wave respectively. Any breakout below the 831.00 level will indicate that the recovery has been already completed and limited by 845.00 critical level. The upside momentum is very low as shown on the indicators where the William % R indicator started to reverse to the downside to exit the clear overbought area.
The trading range for today is among the key support at 801.00 and key resistance at 870.00
The general trend is to the downside as far as 934.00 remains intact with targets at 649.20 and 615.60