The metal is stable below EMA 50, and also outside the ascending channel, which suggests that the metal could provide another bearish attempt today. Stochastic is negative, which confirms our expectations. Consolidation below 1750.00 is necessary for our expectations to prevail.
The trading range for today is among the key support at 1670.00 and key resistance now at 1794.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
Based on the charts and explanations above, our opinion is selling gold below 1724.00, and take profit in stages at (1706.00 and 1687.00) and stop loss with 4-hour closing above 1750.00 might be appropriate. In case the metal reached our stop loss point, our opinion is buying gold around 1750.00 and take profit in stages at 1763.00, 1772.00 and 1794.00 and stop loss with 4-hour closing below 1724.00 might be appropriate.