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Morning Report
In addition to the suggested Elliott count that is still valid, we can see an ascending triangle was formed clearly on the chart of the four hour interval. The support line of this continuation classical pattern meets SMA 50 and therefore, we hold onto our positive anticipations over intraday basis. Stochastic overlapped positively, adding more confirmation for the proposed bullishness.
The trading range for today is among the key support at 1232.00 and key resistance now at 1277.00.
The general trend over short term basis is to the upside, targeting 1365.00 per ounce as far as areas of 1120.00 remain intact.
Previous Report
Weekly Report
| Support | 1252.00 | 1249.00 | 1245.00 | 1242.00 | 1237.00 |
| Resistance | 1258.00 | 1265.00 | 1270.00 | 1274.00 | 1277.00 |
| Recommendation | Based on the charts and explanations above our opinion is, buying gold around 1254.00 targeting 1276.00 and stop loss below 1237.00 might be appropriate. | ||||
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