Click on the image for a larger view
The metal is currently consolidating below the PRZ of the suggested bearish harmonic Gartley pattern as seen on the provided graph. The psychological level of 1550.00 sent it lower once more activating a negative crossover on Stochastic. Thereby, we believe that the gathering momentum process has been completed to take gold towards the projected technical objectives seen above. Areas of 1562.00-1564.00 should protect this negative scenario.
The trading range for today is among the key support at 1502.00 and key resistance now at 1575.00.
The general trend over the short term basis is to the upside, targeting $ 1600.00 per ounce as far as areas of 1430.00 remain intact with weekly closing.
|Recommendation||Based on the charts and explanations above our opinion is, selling gold around 1545.00 targeting 1512.00 and stop loss above 1562.00 might be appropriate.|