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According to Elliott rules, the second wave can't take CT shape. Therefore, breaching 1505.00 zones becomes very necessary to negate this shape-colored in blue-. Stability above 1462.00 argues us to hold onto our positive predictions as the proposed Elliott count is still valid. To conclude, the bullishness could be witnessed today.
The trading range for today is among the key support at 1445.00 and key resistance now at 1537.00.
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 1488.00 gradually targeting 1505.00,1523.00 and 1537.00, while the stop loss is a four hour closing below 1460.00 might be appropriate.|