Technical Outlook and Chart Setups:
The structure has not much changed from the one discussed yesterday. Again the yellow metal was rejected near the defined resistance zone of 1780/85. The support range for now is defined between 1750/70. The support trendline is also passing through the 1750 region at the moment. Prices should move down slowly towards the support for now. A clear breakthrough of trendline will expose further downside move towards 1700.00 and 1650.00 levels as depicted above. Looking at the overbought chart scenarios on higher timeframes, it is recommended to sell rallies through 1775/80 levels today.
Trade Recommendations:
Short intraday rallies towards 1775/80 levels, minimum objective 1750. Sell/Buy aggressively on a trendline breakout on either side.
Good Luck!
