The metal is trading sideways but steadily moving above the 61.8% correction of CD from the bullish AB=CD pattern at 1360.00-1358.00. Stochastic unloaded some of the negativity, and accordingly gold might move to the upside today aiming at 76.4% correction at 1372.00, where stability above those areas will extend the bullishness towards 1380.00-1384.00 shown above. The bullish expectations require steady trading above 1344.00 over intraday basis and generally stability above 1322.00.
The trading range for today is among the key support at 1335.00 and key resistance now at 1395.00.
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 1360.00 targeting 1395.00 and stop with four-hour below 1344.00 might be appropriate|