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Gold moved within a very tight range since yesterday but this range resides above 38.2% Fibonacci retracement of CD leg for the bearish harmonic Gartley pattern at 1522.00. At the same time, RSI became neutral, while Stochastic attempted to show negative sign despite stabilizing above value of 50.00. Thereby, we hold onto our neutral anticipations for the consecutive third day until we get a clearer sign to pinpoint the intraday direction.
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.|