Gold has adopted a favorable reaction to the negativity appeared on Stochastic as we discussed in our previous report, but it couldn't stabilize below the pivotal support areas between 1735.00 and 1740.00, while Stochastic succeeded in overlapping bullishly. Over daily studies, the metal has created a potential hanging man pattern; whilst the daily Stochastic started to draw a negative crossover. The contrarian between the four-hour timescale and the daily signs forces us to remain neutral over intraday basis; noting that, breaching 1735.00 zones will be a good sign for bears to enter the market. However, a break above 1755.00-1765.00 will bring more buying interests.
The trading range for today is among the key support at 1673.00 and key resistance now at 1802.00.
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, staying aside until an actionable setup presents itself to pinpoint the upcoming big move.|