Gold is still trading within narrow levels since Friday's session, but technical signs suggest that a downside movement could control the metal's movement today, affected by the breach of the ascending main support shown above in pink in addition to the bearish candlestick formation that started after reaching the top of 1790.00. Gold could test areas around 1687.00 and 1656.00, but consolidation below 1763.00 is required. Momentum indicators are negative and support our expectations.
The trading range for this week is among the key support at 1656.00 and key resistance now at 1800.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
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Trading below the main resistance of the downside movement and also below the ascending support level shown above in pink suggests that the downside movement could extend this week, especially when momentum indicators support our bearish outlook. In fact, consolidation below 34.40 is required to confirm the negativity. But in general, any trading below 35.75 supports our negative outlook to remain valid.
The trading range for this week is among the key support at 31.80 and key resistance now at 38.35.
The short-term trend is to the downside with steady weekly closing below 38.00 targeting 20.05.
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