Gold rebounded to the upside and is currently stable above 88.6% Fibonacci correction of the CD leg of the double harmonic structure. Consolidation above this correction at 1735.00 suggests that gold could provide more bullish attempts to reach the top of (C) point of the harmonic structure. Stochastic is within overbought areas; however, ADX is still positive. A breach of 1763.00 could trigger a sharp rebound.
The trading range for today is among the key support at 1694.00and key resistance now at 1772.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
|Recommendation||Based on the charts and explanations above, our opinion is buying gold around 1742.00, and take profit in stages at (1763.00 and 1772.00) and stop loss with 4-hour closing below 1724.00 might be appropriate today|