Gold has found a solid support around 1187.00 yesterday, which pushed it to the upside while the positive signs continued appearing on Stochastic. Thus; the bullish effect of the recently captured bullish harmonic structure might continue over intraday basis as far as areas of 1177.00 remain intact. Note that, a break of 1202.00 could accelerate the suggested upside correction.
The trading range for today is among the key support at 1172.00 and key resistance now at 1226.00.
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 ReportSupport1192.001187.001183.001177.001172.00Resistance1202.001209.001211.001216.001219.00RecommendationBased on the charts and explanations above our opinion is, buying gold around 1192.00 targeting 1213.00 and stop loss below 1177.00 might be appropriate.