Confirming our bullish outlook, it's clear that gold is building a new upward base above the upper line of the diagonal besides forming a classical bullish pattern above Ichimoku cloud. Therefore, the previous mentioned and expected move towards $1000.00 per ounce is still in favor and a break of which will accelerate the move towards 1017.00 followed by the historical high at 1035.00. Note: 1- Areas around 956.00 became the initial support. 2- Stochastic supports the bullish outlook.
The trading range for today is among the key support now at 940.00 and key resistance now at 1035.00 level.
The general trend is to the upside as far as 856.00 remains intact with targets at 1035.00 and 1060. 00
|According to our analysis, we believe that it is good to buy gold with a four hour close above 976.00 with targets at 995.00 and stop loss with a four hour close below 960.00.|