As this week comes to an end, the metal is still trading within critical levels, where gold is stable below the top of (C) point of the double harmonic structure, but also above the ascending main support shown above in pink. Consolidation in areas between 1763.00 and 1706.00 makes the pair's next movement uncertain, but at the same time, a breach of 1763.00 could trigger an upside move towards 1794.00 and maybe 1828.00, but stability below 1763.00 could trigger another bearish attempt. Momentum indicators are negative, and ADX reflects weak upside move. Therefore, we will remain negative, but a breach of 1706.00 should confirm our expectations.
The trading range for today is among the key support at 1670.00 and key resistance now at 1824.00.
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 selling gold around 1735.00, and take profit in stages at (171100 and 1670.00) and stop loss with 4-hour closing above 1763.00 might be appropriate. In case the metal reached our stop loss point, our opinion is buying gold around 1763.00 and taking profit in stages at 1794.00 and 1810.00 and 1824.00 and stop loss with 4-hour closing below 1735.00 might be appropriate.|