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When we look deeper at the graph of the four hour interval, we will find that the third wave of the entire IM structure that started on March, 15, 2011 was completed earlier. Therefore, we believe that we are currently witnessing the fourth wave where its W wave has been done. Consequently, the X wave is in progress which will be followed by Y to complete the aforesaid fourth wave. In result, we hold onto our bearish predictions over intraday basis as far as 1530.00 levels remain intact, noting that this levels represent 224% Fibonacci projection of the first wave.
The trading range for today is among the key support at 1474.00 and key resistance now at 1530.00.
The general trend over the short term basis is to the upside, targeting $ 1589.00 per ounce as far as areas of 1430.00 remain intact with weekly closing.
|Recommendation||Based on the charts and explanations above our opinion is, selling gold around 1510.00 targeting 1495.00, followed by 1477.00, while the stop loss is a four hour closing above 1430.00 might be appropriate.|