Yesterday's bearish wave was ebbed around 1653.00 zones as seen obviously on the secondary image of the four-hour interval. On this subsidiary graph, we can see how trading dipped below TEMA 20; while the structure of the last four hour candlesticks looks corrective inside the long black candlestick pattern. Therefore, we look forward to witness more downside actions based on the wider daily picture of the double top formation; noting that a break of 1653.00 this time will bring panic sell-off actions. Ultimately, areas of 1702.00 should protect the awaited bearishness.
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 upside, targeting $ 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 1653.00 targeting 1575.00 and stop loss above 1702.00 might be appropriate.|