Gold inclined aggressively yesterday and returned to the four hour chart, where we can see that it is still trapped below the uptrend line from 1329.00 to the historical high-short term trend-. Despite of this incline that formed bullish candlestick formation on the daily basis,but we have several technical factors beside this aforesaid one to recommend observing today's trading as follows:
Signs of forming bearish harmonic butterfly with PRZ at 1422.00-secondary image.
Solidity of the resistance around 1408.00 may cause real fluctuation since it meets the retesting point of the broken trend.
Overbought sign of Stochastic.
Lack of liquidity due to the vacations.
Thus, our outlook will be neutral over intraday basis.
The trading range for today is among the key support at 1365.00 and key resistance now at 1452.00.
The general trend over the short term basis is to the downside, targeting $ 1208.00 per ounce as far as areas of 1485.00 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.|