Gold's positive momentum is strengthening again from around 38.2% Fibonacci correction at 1786.00 of the third wave of the main impulsive wave, which started from 1477.00. The mentioned correction supported the positive crossover seen on Stochastic, which supports the metal to rebound to the upside again. We will hold onto our positive expectations, while stability above 1755.00 is necessary (over intraday basis) to confirm our expectation.
The trading range for today is among the key support at 1755.00 and key resistance now at 1835.00
The short-term trend is to the upside with steady weekly closing, targeting 1945.00 as far as areas of 1475.00 remain intact.
|Recommendation||Based on the charts and explanations above, we recommend buying silver around 40.10 and take profit in stages at (41.70 and 42.95) and stop loss with 4-hour closing below 39.10 might be appropriate.|