Morning Report

The metal is trading narrowly and is still stable below EMA 50. Therefore, we expect gold to provide another bearish attempt today, while the downside movement could accelerate with a breach of 1688.00 and stability below it. Our expectations depend on the possible formation of the CD leg of the 0-5 harmonic structure, which could trigger a retest of 1656.00. Our expectations require stability below 1727.00 today.

The trading range for today is among the key support at 1642.00 and key resistance now at 1740.00.

The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is selling gold around 1706.00, targeting 1657.00 and stop loss with 4-hour closing above 1727.00 might be appropriate.