Yesterday's violent bearishness forced us to look at the metal from a classical point of view, where we can see an attempt to breach the support line of the classical pattern. Gold didn't confirm this breakout until now. On the other hand, Stochastic and RSI 14 are showing clear oversold signs. Thus, our outlook is neutral today since the metal is stable below 1395.00. Let us see if it will breach the support levels at 1375.00 or not.
The trading range for today is among the key support at1335.00 and key resistance now at 1445.00.
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.|