The provided four hour graph shows that the metal is trading above 1464.00, weakening the possibility of the bearishness. The bullish harmonic butterfly which we used before and has been limited at 1308.00 came back into focus, where the metal is trading above 127.2% of its CD leg. Moving above 127.2% will send us towards 161.8% Fibonacci projection of CD at 1495.00. We have a technical obstacle around 1474.00, but in general the bullishness is favored over intraday basis as far as it stabilized above 1455.00 areas.
The trading range for today is among the key support at 1424.00 and key resistance now at 1500.00.
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.
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|Recommendation||Based on the charts and explanations above our opinion is, buying gold around 1455.00 targeting 1474.00, followed by 1495.00 and stop loss with a four hour closing below 1438.00 might be appropriate.|