Finally, gold started to relieve momentum indicators as seen on the provided four-hour chart, but yesterday's offensive inclines proved that the suggested IM wave hadn't place a top yet and the fifth wave might reach 1132.00-161.8% from the 3rd wave. Therefore, the possible direction for today is bullish as far as the pivotal support areas of 1102.00 remain intact.
The trading range for today is among the key support at 1085.00 and key resistance now at 1144.00.
The general trend over short term basis is to the downside, targeting 1025.00 per ounce as far as areas between 1225.00 and 1249.00 remain intact.
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|Recommendation||Based on the charts and explanations above our opinion is, buying gold from 1115.00 targeting 1132.00 and stop loss below 1102.00 might be appropriate.|