Gold inclined after touching the sensitive support areas around 1703.00 when Stochastic overlapped positively over four-hour interval, but we notice that the metal remains trapped below the pivotal resistance of 1740.00. Now, Stochastic of the main time scale -H4- is currently entering the overbought areas; whilst Stochastic over daily basis continues moving downwards. Thereby, we see chances for renewing the selling interests over upcoming sessions; particularly, if gold succeeded in clearing 1703.00.
The trading range for today is among the key support at 1673.00 and key resistance now at 1785.00.
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 below 1720.00 targeting 1665.00.00 and stop loss above 1765.00 might be appropriate.|