Finally, gold is moving freely out from the upper line of the minor descending channel with a 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 claiming that the upside action is under construction although the tight range which the price is trapped in supported by SMA 50-currently located at 886.00- pushing it from below while stochastic, William%R and CCI show obvious oversold signal . A break of 896.00 â€“represents the value of Ichimokuâ€™s span B- will indicate that the bullishness will be faster. All we need now is more volume to activate these positive signals.
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 891.00 with targets at 912.00 and stop loss at 874.00.|