From areas between the support at 1327.00 and 1322.00 mentioned yesterday, gold moved to the upside affected by the bullish AB=CD. We have a clear classic bullish formation and might transfer to an inverted Head & Shoulders pattern with stability above 1346.00 with four-hour closing; this formation also proves the PRZ for the bullish harmonic pattern. Therefore, we expect gold to move to the upside today. We recommend reviewing the weekly report as this harmonic pattern is part of a higher ranking harmonic bullish pattern.
The trading range for today is among the key support at 1302.00 and key resistance now at 1380.00.
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 1335.00 targeting 1380.00 and stop loss with four-hour closing below 1302.00 might be appropriate today|