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.
|Recommendation||Based 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.|