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The metal has moved flawlessly according to our previous report via touching 1513.00 zones at 2:00 GMT then moved towards the suggested technical targets easily. Now, the price is hovering around sensitive areas around 1475.00 and they extend to 1445.00. These levels will be able to judge if the suggested Elliott scenario is valid and thus, we will move higher or we need another scenario to continue moving bearishly. Momentum indicators are showing oversold signs while the metal is rebounding from the support line that carried the IM wave from 1307.00. To conclude, we expect bullish movements over intraday basis for today and also during the upcoming period. Conversely, a breakout below 1445.00 will damage these expectations and will force us to change the scenario, noting that 1462.00 could weaken the bullish possibility.
The trading range for today is among the key support at 1435.00 and key resistance now at 1537.00.
The general trend over the short term basis is to the upsidetargeting1600.00 per ounce as far as areas of 1430.00 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, buying gold around 1480.00 gradually targeting 1500.00,1505.00 and 1532.00, while the stop loss is a four hour closing below 1445.00 might be appropriate.|