Price actions produced a bullish candlestick formation over daily basis as seen on the secondary image. The other subsidiary chart for the four hour interval reflects the bullishness, occurred yesterday protected above SMA 50. Our main chart shows the IM-impulsive- nature of the current movements despite the sharp corrections, occurred with the closing of the past week. All the above mentioned technical factors contradict with the negativity appearing on Stochastic. Furthermore, gold should breach through 1770.00 with a daily closing above it to make sure that the metal is on its way towards our detected technical objective of 1888.00. To conclude, the neutrality is still in favor until we witness a decisive break above 1770.00 zones.
The trading range for today is among the key support at 1720.00 and key resistance now at 1815.00.
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.|