According to what we discussed yesterday, gold has respected the strong support zone around 863.00 whereas it started to incline again forming an engulfing bullish candlestick formation above the mentioned pivotal support confirming our prediction that the upward recovery is under preparation to correct the bearish wave started at 967.00 particularly if it made a successful breakout above 881.00 (38.2%) Fibonacci of the entire medium term rally started at 679.00 and topped out at 1006.00. William% R, CCI and stochastic are supporting our bullish overview on the intraday basis.
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 876.00 with targets at 895.00 and stop loss at 860.00.|