Back to the daily chart, where see how the bullish butterfly pattern succeeded in pushing the metal upwards above C point at 1420.00-1425.00; hence, we believe that more bullishness might be seen over intraday basis, affected by the aforesaid harmonic structure targeting 127.2% Fibonacci projection of CD leg. Thus, areas of 1455.00 are under our technical microscope, while stability above 1432.00 is required to confirm our scenario.
The trading range for today is among the key support at 1392.00 and key resistance now at 1455.00.
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 1432.00 targeting 1455.00 and stop loss with a four hour closing below 1420.00 might be appropriate.|