Click on the image for a larger view
Gold declined hovering around 61.8% of CD leg of the harmonic formation which could be a Bat pattern. Stability above 1519.00 makes our scenario valid to resume the structure of CD leg. Stability above B point may send the metal towards 61.8% level. In general, we hold onto our positive predications over intraday basis.
The trading range for today is among the key support at 1505.00 and key resistance now at 1556.00.
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 1530.00 gradually targeting 1549.00,1556.00 and 1562.00, while the stop loss is a daily closing below 1519.00 might be appropriate.|