Respecting the morning scenario flawlessly, the metal inclined approaching SMA 100 -colored in green- and started to move sharply lower as seen on the provided graph. The secondary image of the hourly interval shows how it stabilized below the mathematical pivotal point of Murrey lines, solidifying the technical prospects of resuming the awaited bearish classical actions of the double top pattern. A break of 1575.00 will actuate the metal to retest 1533.00 once more.
The trading range for today is among the key support at 1533.00 and key resistance now at 1702.00.
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 | 1590.00 | 1575.00 | 1560.00 | 1545.00 | 1533.00 |
| Resistance | 1630.00 | 1648.00 | 1665.00 | 1687.00 | 1702.00 |
| Recommendation | Our morning expectations remain valid. | ||||
Please see the attached chart below...