Despite achieving an important closing yesterday above SMA 100, but as we discussed yesterday, we are still witnessing the re-testing action of the neckline for the potential double top formation that didn't reach its scientific technical target yet. At the same time, Stochastic continues moving towards overbought areas, while Vortex kept its negative sign intact. Hence, we still believe that the bearishnesswhich started at 1920.00 will be resume soon; noting that a break below 1665.00 will support our overview.
The trading range for today is among the key support at 1615.00 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, selling gold below 1665.00 targeting 1575.00 and stop loss above 1702.00 might be appropriate.|