Yesterday's bearish scenario has been activated but couldn't take gold below 1144.00 zones. Now, let's discuss the intraday direction, depending on a smaller time frame. The provided four-hour chart shows how an IM structure of the short term Elliott count is in progress and it is pointing to the same technical target in the weekly report for the harmonic formation. Thereby, the fifth wave is needed and possible bullishness could be seen today. Momentum indicators turned higher, supporting our scenario.
The trading range for today is among the key support at 1132.00 and key resistance now at 1183.00.
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 1152.00 targeting 1176.00 and stop loss below 1132.00 might be appropriate.|