Despite of yesterday's inclines, gold started to move downwards once more touching the pivotal support of the bullish channel, where SMA 50 exists. Trading above this support line and accompanied by a daily closing above it inside our caught channel, suggestspossible bullishness over intraday basis. Areas around 1438.00 should be breached to confirm this scenario.
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.
Weekly ReportSupport1420.001415.001406.001402.001395.00Resistance1438.001445.001449.001452.001455.00RecommendationBased 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.