Gold is moving within a very tight range since the opening of this week. Therefore, we still see chances for completing the CD leg of the suggested harmonic structure, while being carried above SMA 50. We just need a clear penetration for the pivotal resistance level of 1162.00 to be confirmed that, the bullishness might control the movements over intraday basis.
The trading range for today is among the key support at 1137.00 and key resistance now at 1176.00.
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.
Weekly Report Previous ReportSupport1152.001144.001142.001140.001137.00Resistance1158.001162.001166.001172.001176.00RecommendationBased on the charts and explanations above our opinion is, buying gold with a breakout above 1162.00 targeting 1187.00 and stop loss below 1139.00 might be appropriate.