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We are still waiting for a bearish correction as the correction was limited around 1498.00 zones where it rebounded as seen on the provided image. Stochastic reflects an obvious overbought case but the internal count for the wave started at 1462.00 seems as an IM wave. Actually, there is a rational connection between this internal count and the count discussed in the weekly report. Therefore, we may witness a milddownside correction before moving positively once more.
The trading range for today is among the key support at 1474.00 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.
|Recommendation||Based on the charts and explanations above our opinion is, buying gold around 1594.00 gradually targeting 1513.00,1523.00 and 1537.00, while the stop loss is a four hour closing below 1460.00 might be appropriate.|