The provided chart shows the stability above B point of the harmonic formation around 1382.00 and thus the probability of resuming the CD leg of this formation is still valid. In result, we still see chances for achieving additional bullishness, targeting 1402.00 followed by 1413.00- 88.6% Fibonacci of the XA leg-, where 200% of BC exists. Note that the entire formation is bearish, whilst 1372.00 should hold to keep the positive scenario valid
The trading range for today is among the key support at1350.00 and key resistance now at 1413.00.
The general trend over the short term basis is to the downside, targeting $ 1208.00 per ounce as far as areas of 1465.00 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying gold around 1388.00 targeting 1413.00 and stop loss with a four hour closing below 1372.00 might be appropriate.|