The technical situation hasn't been changed since yesterday as the metal is still hovering between the support of1628.00 and the initial resistance of 1650.00 as seen on the provided daily graph. Although Stochastic is positive but it is currently within overbought areas while Vortex continues giving off positive signal. Accordingly, we keep our neutral stance unchangedover intraday basis; noting that, B point of the harmonic Crab pattern remains intact and may activate a new downside attempt. Finally, a break of 1665.00 -B level- will damage the harmonic structure completely.
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.|