Gold is battling around our previous detected sensitive resistance of 1603.00 where the C point of the major bearish harmonic AB=CD pattern exists. This level could be the ceiling for the correction started at 1522.00 zones if the metal couldn't penetrate it decisively as it may assist the price to continue forming the last leg of the harmonic Crab structure. At the same time, the four-hour chart shows a negative divergence on Stochastic that could negate the positivity of indicators over bigger time frames. Therefore, we hold onto our neutrality over intraday basis due to the sensitivity of the current technical situation.
The trading range for today is among the key support at 1533.00 and key resistance now at 1640.00.
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.|