Gold
Gold declined sharply after it failed to settle above 1582.00, negating our positive expectations yesterday. Today, we find the metal is stable below 1552.00 accompanied with Stochastic being negative, while EMA 20 and 50 pressure gold to the downside. All these factors suggest that the downside movement might extend today , but stability below 1582.00 is necessary.
The trading range for today is among the key support at 1510.00 and key resistance now at 1582.00.
The short term trend is to the upside targeting 1945.00 per ounce as far as areas of 1475.00 remain intact with a weekly closing.
Support: 1540.00, 1536.00, 1529.00, 1510.00, 1502.00
Resistance: 1552.00, 1561.00, 1568.00, 1573.00, 1579.00
Recommendation Based on the charts and explanations above our opinion is selling gold below 1552.00, targeting 1540.00, 1536.00 and 1529.00 and stop loss above 1561.00 might be appropriate
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Gold declined sharply after it failed to settle above 1582.00, negating our positive expectations yesterday. Today, we find the metal is stable below 1552.00 accompanied with Stochastic being negative, while EMA 20 and 50 pressure gold to the downside. All these factors suggest that the downside movement might extend today , but stability below 1582.00 is necessary.
The trading range for today is among the key support at 1510.00 and key resistance now at 1582.00.
The short term trend is to the upside targeting 1945.00 per ounce as far as areas of 1475.00 remain intact with a weekly closing.
Support: 1540.00, 1536.00, 1529.00, 1510.00, 1502.00
Resistance: 1552.00, 1561.00, 1568.00, 1573.00, 1579.00
Recommendation Based on the charts and explanations above our opinion is selling gold below 1552.00, targeting 1540.00, 1536.00 and 1529.00 and stop loss above 1561.00 might be appropriate
