The positivity continued dominating the metal since the rhythmic of Fibonacci ratios could send the metal higher towards 200% or 224% of CD leg as BC leg corrected 50% of AB. Momentum indicators are showing clear overbought signs and that is normal due to the nature of the pattern. In general, we look forward to see more upside actions over intraday basis to complete CD leg, targeting 1508.00-1523.00.
The trading range for today is among the key support at 1468.00 and key resistance now at 1523.00.
The general trend over the short term basis is to the downside, targeting $ 1208.00 per ounce as far as areas of 1508.00 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying gold around 1494.00 gradually targeting 1508.00 followed by 1523.00 and stop loss with a daily closing below 1474.00 might be appropriate.|