Gold's suggested bearishness has been limited temporarily around our first detected technical target of the weekly report around 1183.00 zones. Now, the daily chart offered the probability of forming a bullish harmonic structure, supported by positive signs appearing on Stochastic and AROON indicators. Thereby, potential upside movements could be witnessed over intraday basis without ignoring the bearish factors appears on the weekly chart. We recommend reviewing the weekly report for more details.
The trading range for today is among the key support at 1172.00 and key resistance now at 1235.00.
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 ReportSupport1202.001198.001192.001187.001183.00Resistance1209.001211.001216.001219.001226.00RecommendationBased on the charts and explanations above our opinion is, buying gold around 1198.00 targeting 1219.00 and stop loss below 1184.00 might be appropriate.