Gold attempts now to settle above the main resistance of the downside movement, but at the same time the metal doesn't provide stability above the critical EMA 20 at 1656.00. Stochastic attempts to confirm the positivity by trading above the 50-point level, but RSI is still stable below this level and provides no signs of positivity. Therefore, we remain neutral today, due to the high risk associated to our expectations.
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, we remain neutral awaiting more confirmations|