The bearishness stopped again in areas around the support level at 1706.00 and then gold rebounded to the upside. Currently, the metal approaches the critical resistance of the downside movement shown in red, while Stochastic is within overbought areas. Therefore, we expect another bearish attempt today. But, stability again below EMA 50 is necessary to support out outlook. A breach of 1750.00-54.00 is sufficient to negate our intraday expectations.
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.
|Recommendation||Based on the charts and explanations above, our opinion is selling gold around 1735.00, and take profit in stages at (1706.00 and 1687.00) and stop loss with 4-hour closing above 1754.00 might be appropriate. In case the metal reached our stop loss point, our opinion is buying gold around 1754.00 and take profit in stages at 1763.00, 1772.00 and 1794.00 and stop loss with 4-hour closing below 1734.00 might be appropriate.|