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Gold is trading above very sensitive levels and reconsidering our previous suggested Elliott count will prove that the third wave of the IM wave might extend higher and after that it will be followed by the fourth wave which we think it will be weak. Touching areas of 1556.00 became available and thus, the bullishness is in favor over intraday basis as far as the price stabilizes above 1530.00 zones.
The trading range for today is among the key support at 1500.00 and key resistance now at 1556.00.
The general trend over the short term basis is to the upside, targeting $ 1600.00 per ounce as far as areas of 1430.00 remain intact with weekly closing.
Weekly ReportSupport1523.001514.001505.001500.001494.00Resistance1536.001540.001545.001549.001556.00RecommendationBased on the charts and explanations above our opinion is, buying gold around 1523.00 targeting 1546, followed by 1556.00, while the stop loss is a four hour closing below 1505.00 might be appropriate.