Gold is declining gradually in order to cover the gap of the weekly opening. This decline assisted Stochastic to approach oversold areas, while we see how the metal stabilizes above SMA 20 at 1428.00. Trading above 1420.00 makes the above seen bullish channel effective and also stability above 1410.00 makes the bullishness continue. Thereby, we hold onto our positive anticipations over intraday basis.
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 1494.00 and stop loss with a four hour closing below 1402.00 might be appropriate.|