In line with yesterday's proposed bullish scenario, the metal inclined touching one of the most important barriers at 1730.00 as seen on the provided daily chart. Gold may retest the previous broken resistance -turned into support- around 1702.00 before moving higher once more classically targeting 1756.00. Stochastic and Vortex reinforce the suggested bullish scenario but breaching through 1665.00 will negate the bullishness.
The trading range for today is among the key support at 1665.00 and key resistance now at 1764.00.
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 around 1702.00 targeting 1756.00 and stop loss below 1665.00 might be appropriate.|