Click on the image for a larger view
Gold declined as we expected reaching the previous suggested former support around 1494.00. Now, we believe that the second wave of the grand fifth wave is in progress. Consequently, potential upside movement might start over intraday basis. Levels between 1494.00 and 1486.00 could be the base to start this aforementioned wave as far as the daily closing remains above 1462.00.
The trading range for today is among the key support at 1455.00 and key resistance now at 1556.00.
The general trend over the short term basis is to the upsidetargeting1600.00 per ounce as far as areas of 1430.00 remain intact with weekly closing.
|Recommendation||Based on the charts and explanations above our opinion is, buying gold around 1494.00 gradually targeting 1513.00,1523.00 and 1537.00, while the stop loss is a four hour closing below 1462.00 might be appropriate.|