In line with our positive anticipation, gold is hitting new historical highs while we are writing these lines. The IM -impulsive- nature of the current wave of the suggested Elliott count continues pushing the pair higher. Our previous defined technical target of 1945.00 is under our technical microscope and breaching through it will bring panic buying pressure towards the psychological level of 2000.00. RSI 14 might cause fluctuation before achieving more upside actions. Our constructive bullish outlook is supported by the breakout above H 4 -long breakout- of camarilla studies as seen on the secondary image.
The trading range for today is among the key support at 1855.00 and key resistance now at 1945.00.
The general trend over the short term basis is to the upsidetargeting 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 1905.00 targeting 1945.00 and stop loss below 1879.00 might be appropriate.|