The incline seen yesterday was limited in areas below the critical resistance of the downside movement, which triggered a breach of the ascending channel, where a breach of the support level of this movement shown above in red should be seen or the metal will form a continuation technical pattern. Today, we expect the downside movement to control the pair, where consolidation below EMA 50 and also below the resistance of 1735.00 in addition to the negativity seen on Stochastic are reasons drive us to remain negative today.
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.
Weekly ReportSupport1718.001711.001706.001700.001694.00Resistance1724.001735.001742.001750.001754.00RecommendationBased 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.