The contradiction between the classical analysis and harmonic studies continues appearing on the chart. A bullish harmonic pattern butterfly pattern is seen obviously on the graph after breaching the ascending channel. In the interim, MACD is negative and Stochastic is attempting to be positive and thus, the butterfly pattern is still valid as far as trading remains above 1380.00 and preferably above 1392.00. The bearish classical pattern is still valid as far as trading remains below 1402.00-1410.00. Consequently, we hold onto our neutrality unchanged over intraday basis.
The trading range for today is among the key support at 1358.00 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.|