As we mentioned before, silver moved to the upside influenced by the bullish As we expected in our last Friday's report, gold moved to the upside influenced by the bullish pattern to reach all our expected targets breaching the 76.4% Fibonacci at 869.00 with an extension target at the full correction cycle of the downside move started at 890 levels and stopped at the cluster support at 801.00 levels. However, we expect a pull back downside recovery as far as 907.00 areas kept unbroken, yet overbought signs started to appear on the indicators.
The trading range for today is among the key support at 856.00 and key resistance now at 934.00 areas.
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 close below 882.00 with targets at 872.00 and stop loss with a four hour close above 903.00 areas|