The continuous daily close above 881.00(38.2%) Fibonacci of the entire medium term rally started at 679.00 and topped out at 1006.00 supports us to say that the upside direction is still in favor as we discussed yesterday particularly if the price succeeds to hit the upper line of the minor descending channel which its battling for time being . In addition to that, this bullishness is still supported via SMA 50-currently located at 886.00- while stochastic shows a positive overlap. Only a break of 876.00 can make our analysis invalid.
The trading range for today is among the key support now at 845.00 and key resistance now at 940.00.
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 893.00 with targets at 915.00 and stop loss at 874.00.|