The breakout below the key support -turned into resistance- of 1785.00 has sent the metal sharply downwards as seen on the provided four-hour graph. Actually, our suggested Elliott hasn't been damaged and it will not be invalid unless the low of the fourth wave is breached at 1700.00 zones. At the same time, we can see the strength of the bearish trend that started at the pivotal resistance of 1845.00 as seen on AROON indicator. But, this sign contradicts the oversold sign on RSI 14; whilst the metal is very close to the important Fibonacci level of 76.4% for the upside rally from 1702.00 to the historical high of 1920.00. Thereby, we will be neutral over intraday basis; noting that a break of 1702.00 will force us to reconsider our proposed Elliott sequence.
The trading range for today is among the key support at 1702.00 and key resistance now at 1845.00.
The general trend over the short term basis is to the upsidetargeting1945.00 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 to define the upcoming big move.|