The metal's corrective structure is still in progress as seen on the provided four hour graph. We look forward to witness a decisive breakout above 1833.00 which represents 23.6% Fibonacci retracement of the entire upside move from the fourth wave to all-time high of 1920.00 and we prefer witnessing a breakout above 1845.00-1850.00 zones -TEMA 20 VALUE- to make sure that the correction is done. To conclude, we still look at the current price behavior as a correction that could be to gather momentum before resuming the bullishness of the IM wave. Only a break below 1785.00 with a daily closing will delay this scenario.
The trading range for today is among the key support at 1761.00 and key resistance now at 1888.00.
The general trend over the short term basis is to the upsidetargeting1945.00 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 above 1833.00 targeting 1900.00 and stop loss below 1785.00 might be appropriate.|