The long upper wick of the last four-hour candlestick appearing on the secondary image proves the solidity of the resistance around 1640.00 where SMA 100 -colored in green on the main daily chart- is located. Consequently, we keep our classical bearish predictions over intraday basis, supported by the stability below the neckline areas of the double top pattern discussed earlier. Of note, a break of 1575.00 will actuate the metal to retest 1533.00 once more, while 1702.00 should act as a ceiling for the bearishness.
The trading range for today is among the key support at 1533.00 and key resistance now at 1702.00.
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, selling gold around 1635.00 targeting 1533.00 and stop loss above 1702.00 might be appropriate.|