Gold consolidated above 1523.00 accompanied by a positive crossover attempt on Stochastic. Despite RSI entering overbought areas, the third wave is known for resisting this pressure; the metal is now trading with the third wave of the higher fifth as shown above and accordingly we expect further intraday upside movement for today.
The trading range for today is among the key support at 1500.00 and key resistance now at 1556.00.
The short-term trend is to the upside targeting 1600.00 per ounce as far as areas of 1430.00 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is buying gold around 1523.00 and take profit in stages at 1537.00, 1545.00 and 1.556.00 and stop loss with daily closing below 1505.00 might be appropriate|