Yesterday's weakness appeared on the four-hour interval-check the previous report- was the main was reason that forced us to stay aside during the previous and Asian sessions. Now, we can see how Stochastic has overlapped bearishly over daily studies creating a negative divergence which may cause more downside actions. But, on the other side, the closing was achieved positively above SMA 50-colored in red- thus; we will remain neutral over intraday basis. Of note, breaching through SMA 50-vaued at 1651.00- will bring panic sell-off actions; whilst taking 1679.00 will assist bulls to dominate the movements softly targeting 1703.00 zones followed by 1725.00 areas.
The trading range for today is among the key support at 1607.00 and key resistance now at 1725.00.
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.|