The metal is presently hovering around the lower line of Keltner channel as we anticipated this morning, but it is clear that stability was achieved below the lower line of rising wedge pattern and below SMA 100 -colored in green- as seen on the provided daily graph. Henceforth, we keep our negative scenario intact for the rest of the day, supported by the bigger double top formation that has southern targets to be reached at 1475.00 over short term basis.
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 | Our morning expectations remain valid. |
Please see the attached chart below.
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