Friday's hanging man candlestick pattern might have been confirmed by yesterday's negative candlestick and that may bring additional downside movements. Furthermore, we can see how the closing was achieved comfortably below SMA 50. But, we have a very hard technical obstacle around 1702.00 that prevent us from suggesting a downside wave as seen on the provided daily graph.
To recap,staying asideis favored as far as the metal is close to 1702.00 zones.
The trading range for today is among the key support at 1635.00 and key resistance now at 1763.00.
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, staying aside until an actionable technical setup presents itself to pinpoint the next big move.|