Finally, gold started to move upside after it settled down in a very tight range during the previous week but it respected our analysis by building a very solid technical base hitting 881.00 zones represented by the (38.2%) Fibonacci of the entire medium term rally started at 679.00 and topped out at 1006.00. Once more our outlook is supported by the clear positive overlapping case occurred to the moving averages of Ichimoku indicator accompanied by bullish candlestick formation above the mentioned level targeting the upper line of the minor descending channel as shown on the above chart where a break of which will open the way for further upside move as far as 863.00-pivotal support- remains unbroken.
The trading range for today is among the key support now at 845.00 and key resistance now at 930.00.
The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.
|According to our analysis, buy gold at 886.00 with targets at 910.00 and stop loss at 870.00.|