The upward recovery continues for the second consecutive day inside the suggested minor channel as gold is staging bullish movements exactly as we mentioned in our yesterdayâ€™s reports protected by the pivotal support around 863.00 and the lower line of the mentioned channel. Now itâ€™s hitting (38.2%) Fibonacci of the entire medium term rally started at 679.00 and topped out at 1006.00 .Tenkan-sen (moving average of Ichimoku indicator) supports this positive action and also the hourly candle closed successfully above the most important camarilla level as shown on the secondary image. Therefore we will keep our outlook to the upside as far as 863.00 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 885.00 with targets at 906.00 and stop loss at 866.00.|