Gold inclined, stabilizing above SMA 20 once more. In the interim, it is still moving below the pivotal level of 1372.00, which represents 200% Fibonacci of CD leg of the suggested bearish harmonic formation. RSI is trending upwards and Stochastic indicates continuation for the upside wave despite entering overbought areas. This contradiction makes our outlook neutral and we recommend watching the price behaviors around the aforesaid Fibonacci level.
The trading range for this week is among the key support at 1300.00 and key resistance now at 1404.00.
The general trend over the short term basis is to the upside, targeting $ 1400.00 per ounce as far as areas of 1120.00 remain
Support 1350.00 1339.00 1330.00 1325.00 1320.00
Resistance 1365.00 1372.00 1380.00 1395.00 1404.00
Recommendation Based on the charts and explanations above our opinion is,
staying aside until a clearer sign appears to pinpoint the upcoming big move.
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