Gold continued fluctuating around the initial resistance level of 1665.000 where B point of the suggested harmonic Crab pattern exists. Yesterday's daily closing was achieved comfortably below SMA 50-colored in red- as seen on the provided daily, but Stochastic succeeded in drawing a positive crossover while Vortex is positive. In the interim, the four-hour chart offers a bearish classical structure alongside negativity on its Stochastic. The conflict between the above mentioned technical factors is a rational reason that forces us to stay aside over intraday basis as we need to witness a daily closing above 1665.00 to confirm the bullishness; whilst breaching 1628.00 will initiate potential downside pressure.
The trading range for today is among the key support at 1607.00 and key resistance now at 1703.00.
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.|