The secondary image of the four-hour time scale shows how the metal was resisted as well around the resistance of 1630.00 zones, while Stochastic approaches overbought areas. Those signs argue us to hold onto our bearish intraday anticipations for the rest of the day, supported by the classical negativity discussed earlier. A break of 1590.00 will accelerate the awaited descending wave towards the significant low of 1533.00.
The trading range for today is among the key support at 1533.00 and key resistance now at 1687.00.
The general trend over the short term basis is to the upside targeting 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.
| Support | 1615.00 | 1590.00 | 1575.00 | 1545.00 | 1533.00 |
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| Resistance | 1635.00 | 1648.00 | 1653.00 | 1665.00 | 1673.00 |
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| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1635.00 targeting 1560.00 and stop loss above 1688.00 might be appropriate. | ||||
Please see the attached chart below.