After touching the support levels around 1425.00, the metal sharplyinclined confirming stability above C point of the bullish harmonic butterfly pattern. Henceforth, areas around 127.2% of CD leg might be touched according to the harmonic rules, despite of clear overbought signs appearing on RSI and Stochastic but SMA 20 and SMA 50 that are carrying the metal as well. To recap, we hold onto our bullish predications over intraday basis as far as 1410.00 remains intact with a four hour closing.
The trading range for today is among the key support at 1388.00 and key resistance now at 1474.00.
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 1425.00 targeting 1455.00 and stop loss with 1410.00 might be appropriate.|