Gold trading at $1675.21

Gold remains within the near-term 1660/1683 range, following yesterday’s rally and upside rejection at range tops. According to Slobodan Drvenica an analyst at Windsor Brokers Ltd., “A subsequent sharp reversal and price action below the broken bear-trendline and triangle resistance weakened the hourly structure, as the price holds below range mid-point that may open yesterday’s higher low at the 1666 for retest.”

From the other side, “the 4h structure remains neutral, as yesterday’s brief break higher did not materialize in a fresh extension higher and resumption of recovery from 1651. A Double Doji confirms the near-term indecision, with a break of either limit of the range required to establish fresh direction.” Drvenica affirms. At the time of writing the price of gold has settled at USD $1675.21 Wednesday, having risen steadfastly in recent hours.