Despite closing negatively below 76.4% Fibonacci retracement of the upside rally from 1702.00 to all-time high of 1920.00, but let us remind you that the previous suggested Elliott count -check the previous report- will not be negated unless we witness a sustained breakout below 1702.00. In the interim, there is a recently caught probability of forming a bullish butterfly pattern with a completion level at 1715.00. Thereby, we will continue staying asid since the aforesaid negative closing could be the first warning for a short term reversal and that is incompatible with the intraday positive harmonic structure.
The trading range for today is among the key support at 1673.00 and key resistance now at 1811.00.
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|