Unfortunately, gold closed yesterday's candlestick above SMA 100 -green- as seen on the provided graph, while Stochastic is still positive. In the interim, Vortex as a representative for trend indicators is negative reflecting the strength of the bearish trend that was accelerated with the breakout below the aforesaid neckline at 1702.00. It seems that it intends to re-test the previous broken neckline before resuming the bearishness; thus, we will stay aside today until the metal clarifies the upcoming actionable technical setup.
The trading range for today is among the key support at 1575.00 and key resistance now at 1752.00.
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 pinpoint the upcoming big move.|