Gold was trading yesterday within a tight range, biased in sometimes to the downside, as Stochastic needed to exit overbought areas. RSI is stable above 50 while the suggested MA count shows that the bullish fifth is needed to complete the bullish IM. Therefore, we see that an upside wave might affect intraday trading today. Some negativity on Stochastic might force fluctuations from now and indulge in downside corrections.
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.
|Recommendation||Based on the charts and explanations above our opinion is, buying gold from 1155.00 targeting 1180.00 and stop loss below 1132.00 might be appropriate|