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The daily chart shows that gold has come back into trading range between 61.8% and 76.4% Fibonacci retracement of CD leg for the bearish harmonic structure. Coming beneath 61.8% at 1505.00 has negated yesterday's expected bullishness. Now, Stochastic is showing positive tendency; whilst RSI is fluctuating below 50.00; thus, we prefer staying aside over intraday basis.
The trading range for today is among the key support at 1492.00 and key resistance now at 1525.00.
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.|