In accordance with our yesterday's scenario, the metal has cleared the initial mathematical support-turned into resistance- at 1653.00; thus, we can see how it collapsed during the past few hours. Actually, the rising wedge pattern has proved its efficiency; therefore, we keep our bearish predications intact over intraday basissince the bigger scenario of the double top formation is still valid, mainly targeting 1475.00 zones. Of note, trading below the lower line of Keltner channel may cause some kind of fluctuation as it reflects oversold case.
The trading range for today is among the key support at 1533.00 and key resistance now at 1687.00.
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 around 1628.00 targeting 1545.00 and stop loss above 1688.00 might be appropriate.|