The metal has slumped once more after touching the pivotal resistance areas between 1600.00 and 1603.00 as seen on the provided daily chart. This decline has been capable of creating deeper and clearer sign on Stochastic; thus, the bearishness is still favored for intraday traders towards the extended technical targets of our efficient bearish harmonic AB=CD pattern at 127.2% projection of CD leg. The current negative signs on the graph warn of more weakness towards the significant low of 1533.00.
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 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, selling gold around 1592.00 targeting 1533.00 and stop loss above 1635.00 might be appropriate.|