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Trading is trapped between 61.8% and 76.4% Fibonacci retracement levels of CD leg for the harmonic structure as seen on the image at 1505.00 and 1492.00. The sideways direction between those levels makes the trend unclear despite RSI providing oversold signs. Stochastic is moving positively but it approaches overbought areas gradually. Henceforth, we prefer staying aside over intraday basis.
The trading range for today is among the key support at 1474.00 and key resistance now at 1532.00.
The general trend over the short term basis is to the upsidetargeting1600.00 per ounce as far as areas of 1430.00 remain intact 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.|