The metal is still consolidating below the pivotal resistance of 1833.00 as seen on the provided four hour graph. Indeed, trading is trapped within tight range, resulting in negative sign on AROON, but it is not complete bearish sign as AROON down-red- is still below levels of 30.00. In the interim, we can see stability below Parabolic SAR indicator that may fix the aforesaid sign. Anyhow, the IM-impulsive- wave consisting of five waves from 1477.00 is still in progress, encouraging us tokeep our bullish overview intact over intraday basis.
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 1815.00 targeting 1888.00 and stop loss below 1772.00 might be appropriate.|