The level of 1763.00, which represents the top of (C) point of the double harmonic pattern, was able to stop the bearishness yesterday, confirming the continuous impact of the bullish harmonic structure. Consolidation above the mentioned level suggests another attempt to breach 1794.00 and then moving towards the next target, which represents 127.2% Fibonacci of the CD leg at 1828.00. Our positive expectations remain as they are, but consolidation above 1747.00 is necessary to support the positive outlook and negate any bearish effect by momentum indicators.
The trading range for today is among the key support at 1742.00 and key resistance now at 1828.00.
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 1768.00, and take profit in stages at 1777.00, 1794.00 and 1828.00 and stop loss with 4-hour closing below 1747.00 might be appropriate.|