Weekly Report

As shown above on the daily chart, we find that the bullish 0-5 harmonic pattern is still valid, where this pattern usually supports the metal to reach above the top of (C) point. Consolidation above 1624.00 is required for this pattern to remain valid, while any trading above this level suggests further incline during this week. The metal is facing a critical resistance at 1690.00, while consolidation above this resistance might trigger a strong rebound.

The trading range for this week is among the key support at 1590.00 and key resistance now at 1735.00.

The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.

***New York Candlesticks***

Previous Report

RecommendationBased on the charts and explanations above our opinion is buying gold around 1662.00, targeting 1690.00, 1703.00 and 1735.00 and stop loss with 4-hour closing below 1624.00 might be appropriate.