We still believe thatstaying aside for the time being is the convenient decision since the metal's upside move was limited yesterday below TEMA 20, while 76.4% Fibonacci for the wave from 1702.00 to 1920.00 protects the metal from below. Moreover, the suggested Elliott count is still valid as far as 1702.00 remains intact; whilst RSI 14 is very close to oversold areas. The contrarian between those technical factors forces us to be neutral. Breaching 1754.00 may take gold towards 1728.00 but on the other hand, breaching through 1800.00 will weaken the resistance around 1825.00 later.
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 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|