SMA 50 of the four hour time interval is still carrying the bullish trend as well; whilst the shaky sign appearing on Stochastic is being fixed gradually. Hence, we still see chances for achieving more upside actions over intraday basis, based on the harmonic possibility of drawing the previous explained Deep Crab pattern. Breaching through 1628.00-1632.00 will accelerate the bullishness; noting that breaching 1645.00 will send the metal sharply above the PRZ of the pattern, targeting 1687.00 to act as the new PRZ for our harmonic study.
The trading range for today is among the key support at 1585.00 and key resistance now at 1645.00.
The general trend over the short term basis is to the upside, targeting $ 1694.00 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 1616.00 targeting 1645.00 and stop loss below 1595.00 might be appropriate.|