The metal continued its steady movements below the previous broken support of the rising wedge pattern as seen on the provided daily chart. Therefore, the bearish effect of this continuation pattern may start sooner; noting that the negative effect of the bigger double top pattern is still favored. Moving to the hourly interval, we can catch Stochastic approaching overbought area. Consequently, we keep our bearish predications intact over intraday basis; however, breaching 1635.00 will accelerate.
The trading range for today is among the key support at 1595.00 and key resistance now at 1702.00.
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 1665.00 targeting 1595.00 and stop loss above 1702.00 might be appropriate.|