Gold has respected the negative effects as we predicted in our Fridayâ€™s mid-day report reaching the projected target around 873.00 areas. Now an upward recovery is highly anticipated as a result for reaching the lower line of the minor declining channel as shown on the 4h chart and at the same time the camarilla studies in addition to bullish candle formation on the hourly chart supports this retracement overview appearing on the secondary chart while William% R, CCI and stochastic lay in an oversold area. In addition, the support presented to the metal via 38.2 % Fibonacci of the entire medium term rise started at 679.00 and topped at 1006.00 might have the ability to push it to the upside as far as 863.00 $ per ounce remains unbroken.
The trading range for today is among the key support now at 845.00 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, we believe that it is good to buy gold at 878.00 with targets at 900.00 and stop loss at 860.00.|