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Once again, the metal shows upside tendencies and it started to stabilize around 1500.00 levels. A break of 1505.00-1507.00 will be a motive that will send it higher, supported by the suggested Elliott count. On the other hand, stability above 1462.00 is required to protect this overview. RSI stabilized above 50.00, while Stochastic is attempting to be positive despite being close to overbought areas.
The trading range for today is among the key support at 1462.00 and key resistance now at 1537.00.
The general trend over the short term basis is to the upsidetargeting 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 1462.00 might be appropriate.|