Gold didn't touchour suggested risk limitat 1256.00 but having a look at the allover upside movements from 1156.00 to the current price, considering it as an IM wave, we could see the probability of forming 4 waves already. The matter which we discuss here is about the technical targets of the fifth wave and we already look at 1258.00 and 1277.00 as seen on our provided four hour chart. Some kind of correction might occur before resuming the suggested bullishness over intraday basis.
The trading range for today is among the key support at 1226.00 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.
|Recommendation||Based on the charts and explanations above our opinion is, selling gold around 1241.00 targeting 1258.00 and stop loss below 1228.00 might be appropriate.|