Gold is still targeting 76.4% Fibonacci of CD leg at 1395.00 zones after touching the second technical target of the butterfly pattern earlier as we anticipated before. Stability above 1380.00-the second technical objective of the harmonic pattern- suggests that the first extended technical target is presently under microscope. Stochastic shows overbought sign but without any sign of divergence. Henceforth, the bullishness may dominate today's trading.
The trading range for today is among the key support at 1354.00 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 1485.00 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying gold around 1380.00 targeting 1395.00 and stop loss with a four hour closing below 1370.00 might be appropriate.|