Morning Report

Gold is stable below the neckline of the double-top pattern at 1702.00. Furthermore, the metal is also stable below 1680.00, which represents the 38.2% Fibonacci correction as shown above. These factors could support forming a bearish structure, which will be confirmed with a breach of 1650.00 and stability below it. Therefore, we expect a downside movement for today, but consolidation below 1702.00 and 1726.00 is required.

The trading range for today is among the key support at 1575.00 and key resistance now at 1752.00.

The short-term trend is to the upside targeting 1945.00 as far as areas of 1475.00 remain intact.

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RecommendationBased on the charts and explanations above, we recommend selling gold below 1653.00, targeting 1575.00 and stop loss above 1702.00 might be appropriate