We can see that gold rebounded to the upside after reaching the main resistance for the downside wave that was previously breached, and this move is considered a retest to those areas. Today, we expect the metal to return above 1653.00 where stability above it could see the bullishness control the movement. Our expectations require stability above 1624.00 areas.
The trading range for today is among the key support at 1624.00 and key resistance now at 1690.00.
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 above 1645.00 and take profit at 1653.00, 1666.00, and 1673.00 and stop loss with four-hour closing below 1624.00 might be appropriate|