Gold is currently trading between 76.4% Fibonacci retracement of CD leg and C point of the bullish harmonic butterfly. These levels reside between 1420.00 and 1432.00. In the interim, gold is moving above the harmonic resistance line as seen on the provided graph. The sideways direction continues dominating the movements since the opening of this week, forcing us to hold onto our neutrality as far as we don't witness a four hour closing above 1432.00 or a closing below the harmonic resistance previously breached at 1415.00.
The trading range for today is among the key support at 1392.00 and key resistance now at 1449.00.
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 signs appears to pinpoint the upcoming big move.|