Gold is still moving in a tight range below the 61.8% at 852.00 levels as shown on the chart after failure to reach the extension target of the retrace from the lower line of the channel at 868.00 levels represented by the 76.4% Fibonacci. Most of the indicators show that the volume is too low without a clear signal up or down so they are neutral which means that the price explosion is on the way to relief the indicators. We expect that the price will move to the downside in particular if it broke the area between 845.00 and 842.00 then it will be a sign that the short term top is placed.
The trading range for today is among the key support at 835.00 and key resistance at 872.00 area.
The general trend is to the downside as far as 934.00 remains intact with targets at 649.20 and 615.60.
|Sell gold with a four hour close below 847.00 with targets at 833.00 and stop loss above 859.50 area|