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Gold is achieving technical attempts to stabilize above 1549.00 where 76.4% retracement of XA leg of Bat pattern exists and that may push the metal to soar towards the PRZ of the pattern to complete it. Additionally, we can see a bullish channel with a support at 1528.00 solidifying 1532.00 zones; whilst RSI is stable above 50.00. Thereby, we hold onto our bullish predications over intraday basis.
The trading range for today is among the key support at 1513.00 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 1540.00 gradually targeting 1556.00,1560.00 and 1581.00, while the stop loss is a daily closing below 1523.00 might be appropriate. This recommendation will be canceled out if the second and third technical targets are reached before the entry point is touched.|