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Gold is moving within a sideways range near yesterday's historical recorded highs around 1594.00. The range areas which dominates the movements could be reason for relieving momentum indicators and after that we may witness a bullish wave targeting 1600.00-1607.00 areas. Breaching through 1607.00 could bring additional bullishness; whilst failure to stabilize above the support of the ascending channel at 1562.00 could negate the bullish scenario temporarily.
The trading range for today is among the key support at 1545.00 and key resistance now at 1615.00.
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 1575.00 gradually targeting 1588.00, 1600.00 and 1607.00, while the stop loss is a four hour closing below 1545.00 might be appropriate.|