The metal is currently trading around the critical resistance of the downside movement, which started at the top of 1790.00, while EMA 50 resides this resistance. The upside move remains valid as long as gold is stable above 1624.00, which represents 61.8% Fibonacci correction as shown above, but to confirm this move, consolidation above the EMA 5- at 1673.00 is necessary -shown in red-.
The trading range for today is among the key support at 1598.00 and key resistance now at 1694.00.
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 buying gold around 1650.00, targeting 1673.00, 1688.00 and 1694.00 and stop loss with 4-hour closing below 1624.00 might be appropriate.|