Gold touched 1226.00 areas exactly as we anticipated earlier, where it started to move upwards. This action indicates that the internal 4th wave might have been placed already and now, the fifth is in progress. Therefore, potential upside movementsare be seen over intraday basis, supported by the positive sign appearing on Stochastic.
The trading range for today is among the key support at 1196.00 and key resistance now at 1265.00.
The general trend over short term basis is to the upside, targeting 1365.00 per ounce as far as areas of 1120.00 remain intact.
Weekly Report Previous ReportSupport1232.001226.001219.001216.001211.00Resistance1239.001249.001255.001260.001265.00RecommendationBased on the charts and explanations above our opinion is, buying gold from 1232.00 targeting 1265.00 and stop loss below 1205.00 might be appropriate.