Gold is moving in sideways range for time being above the 930.00 (previous cluster resistance turned support) and as we explained in our last week's reports the medium term outlook changed to the upside . We still expect a new incline wave towards 950.00 levels again to form the second technical try and a break of which will accelerate the movements towards the cluster psychological zones around $1000.00 per ounce. Note: we will watch the volumes carefully if price reaches (950.00-952.00) it will be a sign of breaching these mentioned levels.
The trading range for today is among the key support now at 900.00 and key resistance now at 1000.00 psychological level.
The general trend is to the upside as far as 856.00 remains intact with targets at 1035.00
|According to our analysis, we believe that it is good to buy gold with a four hour close above 941.00 with targets at 965.00and stop loss with a four hour close below 922.00.|