The metal is hovering around 88.6% Fibonacci retracement of the upside rally from 1702.00 to 1920.00 and the PRZ -potential reversal zones- of our morning proposed bullish harmonic butterfly has not been reached yet. Yesterday's negative closing below 76.4% conflicts with the oversold sign on RSI 14. Thereby, we are forced to remain neutral for the rest of the day until an accurate sign appears to pinpoint he next move.
The trading range for today is among the key support at 1648.00 and key resistance now at 1811.00.
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 | 1715.00 | 1702.00 | 1673.00 | 1648.00 | 1635.00 |
| Resistance | 1735.00 | 1745.00 | 1755.00 | 1761.00 | 1785.00 |
| Recommendation | Based on the charts and explanations above our opinion is staying aside until an actionable setup presents itself to define the upcoming big move | ||||
Please see the attached chart below...