As we explained in our previous reports that gold is still forming the PRZ-potential reversal zone- of the bullish harmonic pattern appearing obviously on the above chart around the pivotal support areas at 864.00 supported by the bullish candle stick formation as shown on the secondary image targeting 38.2% Fibonacci level of the entire rally started at 679.00 and topped out at 1006.00. Therefore we still believe to witness correctional inclines as reactionary waves for these downward movements while CCI, Gtor Oscillator, stochastic and William%R indicators are moving inside oversold areas. Carefully note that a stable move above 873.00 will accelerate this expected bullishness.
The trading range for today is among the key support now at 832.00 and key resistance now at 925.00.
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 870.00 with targets at 892.00 and stop loss at 852.00.|