The metal inclined violently yesterday, approaching the technical objective, previously detected in our last reports at 1845.00. The IM-impulsive- wave consisting of five waves from 1477.00 is still in progress as seen on the provided four hour graph, where we believe that the fourth wave has been placed at 61.8% Fibonacci retracement of the third wave started 1580.00 to all-time high of 1912.00.AROON indicator is still positive, solidifying the technical idea ofresuming the upside rallyof the fifth wave; whilst RSI 14 may cause some kind of fluctuation once the metal reaches 1845.00-1850.00 zones. Anyway, we hold onto our positive predictions over intraday basis as far as 1772.00 remains intact; however, focusing now becomes on 1888.00.
The trading range for today is among the key support at 1772.00 and key resistance now at 1895.00.
The general trend over the short term basis is to the upside, targeting $ 1945.00 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, buying gold around 1824.00 targeting 1900.00 and stop loss below 1772.00 might be appropriate.|