Similar to the technical pattern of gold appeared and trading below 29.80 threats the short term trend. Momentum indicators show oversold signs, accompanied by attempts to breach the support line at 29.65. Therefore, our outlook will be neutral over intraday basis to make sure if it will achieve this breakout or it will come back above 30.15 and stabilized above it.
The trading range for today is among the key support at 29.05 and key resistance now at 32.05.
The general trend over the short term basis is to the upside targeting $ 32.55 per ounce as far as the weekly closing remains above 29.80 areas.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.|