The metal has been very well supported around 1760.00 zones and currently trading above the resistance line of the previous detected falling wedge pattern. The aforesaid technical factors are positive, but we will continue staying aside over intraday basis since we have some technical obstacles that prevent us from joining the upside recovery from areas above 76.4% Fibonacci of the upside rally from 1702.00 to 1920.00 as follows:
TEMA 20 continues pressuring the metal.
AROON reflects some kind of technical hesitation.
RSI 14 is somehow neutral.
The solidity of resistance around 1825.00
Breaching 1825.00 will bring back the bullish picture discussed in the weekly report.
The trading range for today is among the key support at 1755.00 and key resistance now at 1888.00.
The general trend over the short term basis is to the upsidetargeting 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 to define the upcoming big move.|