Moving steadily above the pivotal resistance which turned into support around 1198.00 has been able to confirm the bigger daily harmonic picture, seen on our provided chart. The metal approached our yesterday's technical target around 1230.00. Now, we think that the door is opened for additional bullishness, targeting 1235.00 zones followed by 1249.00 to resume the CD leg of our detected AB=CD pattern. To recap, the intraday is bullish but we can't neglect that, there is a chance for a mild correction towards the broken resistance of 1215.00 before resuming the upside rally. For more details-click here-.
The trading range for today is among the key support at 1185.00 and key resistance now at 1249.00.
The general trend is to the upside as far as 865.00 remains intact with targets at 1249.00.
|Recommendation||Based on the charts and explanations above our opinion is, buying gold from 1216.00 targeting 1235.00 and stop loss below 1199.00 might be appropriate.|