Gold failed to make a clear break below our second target at 872.00-870.00 areas as we mentioned before and bounced from there very strongly but this upward recovery has been limited below the cluster resistance of 912.00. The stochastic indicator started to show overbought signal but we can't say the downside scenario has been changed unless a decisive break occurs above 925.00 Note: we can't ignore the fundamental effects that pushed investors to buy metals so that we will wait until we hunt a clear technical scenario to define if a clear direction.
The trading range for today is among the key support at 856.00 and key resistance now at 945.00 areas.
The general trend is to the downside as far as 934.00 remains intact with targets at 649.20 and 615.60
|Risk is too high today.|