The overbought signs seen on Stochastic were not able to pressure the metal below 1735.00. Furthermore, ADX is still positive, but without showing any upside rebound. According to the harmonic analysis, we expect the metal to retest the top of (C) point around 1763.00, especially when the metal is stable above 88.6% Fibonacci correction of the CD leg of the bullish harmonic structure. In result, we expect an upside attempt today, but consolidation below 1735.00 again weakens the possibility of the upside move.
The trading range for today is among the key support at 1694.00and key resistance now at 1772.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
|Recommendation||Based on the charts and explanations above, our opinion is buying gold around 1735.00, and take profit in stages at (1754.00 and 1763.00) and stop loss with 4-hour closing above 1718.00 might be appropriate|