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The metal has showed fluctuation but with positive tendency where it succeeded in stabilizing between 61.8% and 76.4% retracement levels of CD leg for the proposed Bat pattern. Stability above 1532.00 is a positive indication and may push the metal towards 1549.00, followed by 1562.00-1564.00 which could be the ideal PRZ for the pattern. Anyway, we keep our positive anticipations over intraday basis intact.
The trading range for today is among the key support at 1519.00 and key resistance now at 1564.00.
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 1532.00 gradually targeting 1549.00,1556.00 and 1562.00, while the stop loss is a daily closing below 1519.00 might be appropriate.|