The bullishness of the previous discussedclassical pattern is still in progress for the second consecutive day as seen on the provided four-hour chart. Gold was able to create an ascending channel and it is presently managing the current bullish wave. As a result, we still believe that this upside correctionfor the downside rally from 1249.00 to 1165.00 might continue over intraday basis. AROON shows the strength for this upside trend.
The trading range for today is among the key support at 1172.00 and key resistance now at 1249.00.
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 ReportPrevious ReportSupport1211.001209.001202.001198.001196.00Resistance1220.001226.001232.001237.001239.00RecommendationBased on the charts and explanations above our opinion is, buying gold from 1209.00 targeting 1229.00 and stop loss below 1192.00 might be appropriate.