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Gold inclines gradually stabilizing above 1505.00. Today, it achieved a breakout above 1513.00 zones and thus the suggested Elliott sequence could be correct. Actually, we may change this scenario later when we make sure that 1523.00 levels are breached but the current scenario is still valid. More bullishness could be seen over intraday basis despite momentum indicators overbought pressures which might cause fluctuation.
The trading range for today is among the key support at 1488.00 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 1505.00 gradually targeting 1523.00,1537.00 and 1556.00, while the stop loss is a four hour closing below 1484.00 might be appropriate.|