Gold fluctuates heavily within a narrow range since yesterday below EMA 20, but also above the resistance of the downside movement shown above. Therefore, the metal must breach one of the mentioned to confirm the pair's next move. We remain neutral now, observing the pair's behavior around the critical support of 1639.00 and the resistance at 1656.00.
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|