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The metal is fluctuating within a tight range but we see how the price is trending upwards, Momentum indicators are still pressuring the metal negatively but these overbought signs couldn't change the major bullish direction. The suggested Elliott scenario remains valid and stability above 1517.00 will bring more bullishness, potentially targeting 1556.00 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 ReportSupport1530.001523.001514.001505.001500.00Resistance1536.001540.001545.001549.001556.00RecommendationBased on the charts and explanations above our opinion is, buying gold around 1530.00 targeting 1546, followed by 1556.00, while the stop loss is a four hour closing below 1517.00 might be appropriate.