Gold declines to currently trade below the level of 1654.00, which weakens the possible upside move. At the same time, gold didn't completely fail to provide an upside move, where the metal is stable above 1624.00 and also above the ascending main support shown above in red. Trading above 1654.00 again supports the return of the positivity, but a breach of 1624.00 might form a bearish technical structure similar to the double top pattern. Therefore, we remain neutral today.
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.
***New York Candlesticks***
Previous Report
Weekly Report
Support
1645.00
1638.00
1632.00
1628.00
1624.00
Resistance
1650.00
1654.00
1662.00
1666.00
1673.00
Recommendation
Based on the charts and explanations above, we remain neutral awaiting more confirmations
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