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The metal has achieved a huge fluctuation where it started to stabilize above 1522.00-38.2% of CD leg of Grtley pattern- once again. We need clearer signs to define if effect of the harmonic structure has stopped earlier or will continue pressuring the price since stability above 1522.00 contradicts with the negative sign on Stochastic. In result, we prefer staying aside over intraday basis.
The trading range for today is among the key support at 1505.00 and key resistance now at 1556.00.
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, staying aside until a clearer sign appears to pinpoint the upcoming big move.|