The upside bias resumed for the metal affected by the bullish harmonic formation, as stability above 1763.00 offers the needed upside momentum to resume the move. We can see the metal is attempting to breach areas of 1794.00-1800.00 targeting 127.2% Fibonacci of CD leg of the double harmonic pattern. Stability above 1663.00 areas is the key element for our intraday expectations to remain valid; breaching areas of 1794.00 mentioned will help negate the overbought signals on momentum indicators and supports our bullish expectations.
The trading range for today is among the key support at 1750.00 and key resistance now at 1828.00.
The short-term trend 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 1777.00 and take profit at 1794.00, 1810.00, and 1828.00 and stop loss with four-hour closing below 1763.00 might be appropriate|