Gold is battling 38.2% Fibonacci zones around 925.00-930.00 after yesterday's expected downside move which covered the gap clearly. We now expect that the metal will continue retracing this decline particularly if the price could be able to close a 4 h candle above the mentioned level. This bullish overview is based on the positive signals appearing on Stochastic, Gator and MACD traditional indicators and it will not be changed unless a clear break occurs below 912.00 levels
The trading range for today is among the key support now at 900.00 and key resistance now at 973.00 level.
The general trend is to the upside as far as 896.00 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 930.00 with targets at 952.00 and stop loss with a four hour close below 912.00.|