Indeed, the volatility continues as gold moved up and down aggressively yesterday during the US session but actually it succeeded to test 930.00 (38.2%) Fibonacci as we expected while 916.00-920.00 areas provided it with the support it needs. Now we expect an upward rally resumption breaching the mentioned Fibonacci level as the Tenkan-sen succeeded to pass over Kijun-sen forcing gold to enter the cloud of Ichimoku in addition to the histogram of MACD traditional positive overlapping appears on the main image. Also the curreny hourly camarilla studies shows the possibility of slight actions towards 925.00 (pivotal support point) followed by a violent upside wave.
The trading range for today is among the key support now at 892.00 and key resistance now at 974.00.
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, we believe that it is good to buy gold at 926.00 with targets at 950.00 and stop loss at 907.00.|