The downside move for gold drove the metal back towards 1522.00, and we mentioned before how critical this level is and considered the separating barrier from the negativity for gold. The failure to stabilize above 1549.00 after reaching 1556.00 is the reason for the downside move after breaching 1537.00. We remain neutral on the metal today and observe the price behavior around the critical 1522.00 areas.
The trading range for today is among the key support at 1522.00 and key resistance now at 1575.00.
The short-term trend is to the upside targeting 1600.00 per ounce as far as areas of 1430.00 remain intact.
|Recommendation||Based on the charts and explanations above we recommend observing trading today awaiting more confirmations|