Yesterday's bullish movements succeeded in fixing the negative signs on Stochastic and Vortex indicators but the closing was achieved below the pivotal resistance of 1640.00 as seen on the provided daily chart. As we discussed yesterday, our suggested harmonic Crab pattern will be valid as far as B point at 1665.00 holds; thus, risk versus reward ratio becomes too high forcing us to stay aside today. A break of 1665.00 will damage harmonic structure completely but on the other side, a break back below 1603.00 will bring panic sell-off actions.
The trading range for today is among the key support at 1582.00 and key resistance now at 1702.00.
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 as risk versus reward ratio is too high today.|