Despite drawing a bearish candlestick formation that sent the metal lower towards 1732.00 zones, but the sharp rebound from there to the current level was so impressive confirming the IM-impulsive- nature of the present wave. The secondary image of the four hour interval is evidence that, the metal has found a solid support around the aforesaid support levels. This support succeeded n assisting gold in creating a bullish four hour shape. In fact, breaching through 1782.00 will be a vey positive indication, but we will be neutral today once more since risk versus rewards ratio is very high.
The trading range for today is among the key support at 1694.00 and key resistance now at 1830.00.
The general trend over the short term basis is to the upside, targeting $ 1888.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.
|Recommendation||Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.|