Gold is still laddering its movements to the upside forming a new technical bullish pattern as yesterday's retrace was limited above the kijun-sen moving average of the ICHIMOKU indicator as shown on the above chart supporting our continuous bullish outlook towards the projected targets above $1000.00 per ounce starting from 1005.00 areas. Gold just needs high volume to breach these levels where this bullish outlook for today will not be changed unless a clear break ocuurs below 963.00 areas. Note: MACD traditional lines move steadily above histogram.
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 992.00 with targets at 1015.00 and stop loss with a four hour close below 973.00.|