Click on the image for a larger view
Gold succeeded in touching yesterday's proposed levels mentioned in the weekly report. Now, Stochastic is showing oversold signs, while gold stabilized above 38.2% of the third wave at 1513.00. More declines could be seen within the fourth wave but the candlesticks structure above 38.2% -secondary image- alongside the positivity of Stochastic are rational reasons that argue us to be neutral until we see how the price will behave around the current levels.
The trading range for today is among the key support at 1475.00 and key resistance now at 1556.00.
The general trend over the short term basis is to the upsidetargeting1600.00 per ounce as far as areas of 1430.00 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.|