Gold is trending higher and gradually approaching 1549.00 areas, where if breached will further confirming the harmonic Bat pattern. Momentum indicators are overbought and that might cause the volatility and possible downside correction, yet we still hold onto our general positive expectations and the breach of the mentioned level will accelerate the upside move.
The trading range for today is among the key support at 1522.00 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.
|Recommendation||Based 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|