Gold is approaching slowly and gradually towards the pivotal resistance areas between 1255.00- high of Sep 01- and the previous detected important point of 1258.00. Momentum indicators reached the overbought areas and therefore, it could correct towards the lower line of the channel that carries the IM wave before resuming the possible bullishness over intraday basis. A break of 1258.00 could make it easier to breach the all-time high around 1265.00 zones.
The trading range for today is among the key support at 1226.00 and key resistance now at 1277.00.
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, buying gold around 1244.00 targeting 1265.00 and stop loss below 1228.00 might be appropriate.|