Within just a few hours of trading, the metal moved from our yesterday's suggested support around 1690-1695.00 zones towards the suggested technical objective of the weekly report at 1770.00. As we discussed earlier, 1770.00 zones represent the soft technical objective of fifth wave; whilst Stochastic started to enter overbought areas and it may need some kind of relief. Accordingly, we believe that risk versus reward ratio is very hightoday. We should be satisfied with the result of weekly analysis after traders have taken the metal towards our definedtarget easily and quickly. Breaching through 1770.00 with a daily closing will open the door up towards 1810.00, followed by 1888.00.
The trading range for today is among the key support at 1700.00 and key resistance now at 1810.00.
The general trend over the short term basis is to the upside, targeting $ 1888.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.
|Recommendation||Based on the charts and explanations above, we will watch out the price behaviors today since risk versus reward ratio is very high.|