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The metal is finding difficulties in surpassing 1549.00- 76.4% Fibonacci level of XA leg for the harmonic structure- which could be a Bat pattern. It is important to see gold stabilizing above the aforesaid level to be able to reach the PRZ at 1562.00-1565.00-. Stable move above 1532.00 keeps the bullishness valid; whilst the failure could occur once 1519.00 is breached. Anyway, the bullishness is in favor 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 1537.00 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.|