Despite coming below Parabolic SAR and TEMA 20 -colored in blue- but we have witnessed a very sharp upside bounce from 1790.00 zones as seen on the provided graph. One of the two required signs of AROON is presently fixed; whilst RSI 14 becomes positive contradicting with the negative signs and the aforesaid sharp decline. In the interim, our suggested Elliott sequence hasn't been damaged although areas of 1915.00-1920.00 played a big role to send the metal lower. Hence, the contrarian between signs and the aggressive upside recovery from 1790.00 force us to stay aside over intraday basis until clearer signs appear.
The trading range for today is among the key support at 1760.00 and key resistance now at 1912.00.
The general trend over the short term basis is to the upside, targeting $ 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until an actionable setup presents itself over upcoming sessions.|