Gold settled in areas below the level of 1735.00, which indicates that the negativity continues today. Consolidation below the mentioned level and also below the previosuly breached main support of the upside move, which turned into resistance now -shown above in pink-, suggests that the metal could provide more bearish attempts to extend the downside movement, which could retest areas around 1689.00 and then 1657.00 in case the first level was breached.

The trading range for today is among the key support at 1657.00 and the main resistance of 1763.00.

The short-term trend is to the upside as long as areas as around 1475.00 remains entact, targeting 1945.00.

***New York Candlesticks***

Weekly Report

RecommendationBased on the charts and explanations above, our opinion is selling gold below 1735.00, targeting 1711.00, 1689.00 and then 1657.00 and stop loss with 4-hour closing above 1763.00 might be appropriatePrevious Report