Morning Report

Exactly from areas around 1532.00, gold rebounded to the upside confirming the weakness of the Gartly Pattern, or maybe that it settled for the first target at 38.2% correction of CD shown above at 1522.00. Currently, the possibility of forming the Bat pattern is rising and that signals a possible upside move today supported by the positivity on Stochastic and the upside tendency on RSI.

The trading range for today is among the key support at 1513.00 and key resistance now at 1565.00.

The short-term trend is to the upside targeting 1600.00 per ounce as far as areas of 1430.00 remain intact.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying gold around 1537.00 and take profit in stages at 1549.00, 1556.00 and 1564.00 and stop loss with daily closing below 1522.00 might be appropriate