The metal has been trading within the same trading range, struggling around SMA 50 -colored in red- as seen on the provided daily graph. Momentum and trend indicators are still showing a technical case of hesitation as AROON suggests a trend exhaustion, while Stochastic couldn't give off a clear signal. Hence, we hold onto our neutrality over intraday basis; noting that a break of 1750.00 will be a positive sign but breaching 1702.00 will bring the bearishness back into focus
The trading range for today is among the key support at 1665.00 and key resistance now at 1800.00.
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. Of note, risk versus reward ratio is too high.|