Gold settled for areas around 1347.00 which were insufficient to be a good target for the bullish harmonic pattern. Therefore, we believe that gold did not confirm the completion of the harmonic pattern and it is only near completing it. Therefore, gold will carry an upside move once again from current areas as far as 1298.00 remains intact. The harmonic pattern suggests that as it remain ideal with its leg formations and it is a bullish AB=CD pattern. In the coming report will discuss further probabilities and now the bullish harmonic butterfly pattern.
The trading range for today is among the key support at 1280.00 and key resistance now at 1360.00.
The short term trend is to the downside targeting 1208.00 per ounce as far as areas of 1485.00 remain intact.
|Recommendation||Based on the charts and explanations above, our opinion is buying gold around 1310.00 targeting 1360.00 and stop loss with four-hour closing below 1298.00 might be appropriate today|