Gold declined sharply again, approaching the critical level around 1656.00-57.00. But, consolidation below 1688.00 suggests reaching 50% Fibonacci correction of the upside move that started at 1522.00 and ended at 1790.00. Therefore, we expect the downside movement to extend during the session today, but due to high risk associated to our expectations we remain neutral today.
The trading range for today is among the key support at 1624.00 and key resistance now at 1727.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
***New York Candlesticks***
|Recommendation||Based on the charts and explanations above, we remain neutral awaiting more confirmations|