We added Vortex indicator -trend indicator- to our morning graph, where we can notice the strong bearish sign appearing on it. We hold onto our bearish predictions for the rest of the day, supported by the main bearish harmonic AB=CD pattern; noting that a break of the current levels around 1582.00 will accelerate declines towards the extended targets of our pattern at 127.2% Fibonacci projection of CD leg.
The trading range for today is among the key support at 1533.00 and key resistance now at 1628.00.
The general trend over the short term basis is to the upsidetargeting1945.00 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 around 1592.00 targeting 1533.00 and stop loss above 1635.00 might be appropriate.|