The metal touched the PRZ of the harmonic formation at 1322.00, where it inclined stabilizing above these levels. Presently, we might witness a temporal bullishness as the pattern is bullish. If the butterfly pattern is assured, the entire bearishness might be stopped at 1298.00; henceforth, we will start observing the price behaviors of achieving a potential upside recovery but we need further confirmation that the PRZ of 1322.00 is the point or we may visit 1298.00 first before seeing this reversal.
The trading range for today is among the key support at 1298.00 and key resistance now at 1366.00.
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.|