The metal couldn't bear our yesterday's detected support of 1720.00 where it inclined entering the sensitive zones between 1735.00 and 1740.00 once more. At the same time, Stochastic succeeded in offering an obvious negative crossover claiming that the bearishness is still favored for intraday traders. Note that, areas of 1728.00 should be breached decisively to weaken 1720.00. On the upside, a break of 1755.00 will postpone our proposed bearish wave, while breaching 1765.00 will damage the outook.
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, selling gold below 1728.00 targeting 1673.00.00 and stop loss above 1765.00 might be appropriate.|