Without witnessing a four hour closing below 1406.00, we are not sure of the awaited bearish trend. We can see on the provided graph that a bullish channel dominates the movements of the metal, where its support line resides at 1406.00. In the interim, a break of 1415.00-1425.00 will bring additional upside move towards 161.8% Fibonacci projection of CD leg of the bullish AB=CD pattern; stochastic is positive but very close to overbought areas and therebywe hold onto our neutrality over intraday basis and we will observe the price behaviors between 1406.00 and 1425.00.
The trading range for today is among the key support at 1362.00 and key resistance now at 1455.00.
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.|