Gold inclined to complete the formation of the bearish 0-5 harmonic pattern. Currently, the metal trades in line with the mentioned pattern, forming the bullish CD leg, which must represents 50% Fibonacci correction of the BC leg, accordingly the metal might reach the level of 1700.00 again. But at the same time, the metal faces the main resistance of the descending channel shown above, which weakens the formation of the suggested pattern. Therefore, we remain neutral today.
The trading range for today is among the key support at 1608.00 and key resistance now at 1690.00.
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|