The shiny metal is preparing for a new upside wave as it looks like it will be moving in a range that is between 860 and 920 over the medium term. Technical indicators are adjusting to reflect the upside wave with a first target at 881.00 and any breach below 850 will make us initiate new downside targets but as all indicators say we will not be able to see any breakthroughs around those levels.
The trading range is among the key support level at 855 and the key resistance level at 889.00.
The general trend is to the upside as far as 810.00 remains intact; targets are set at 1080.00 and 1170.00.
|Buy Gold above 868 with a target at 881 and a stop loss below 863.|