Weekly Report

Gold settled in areas above 1654.00, indicating that the 0-5 harmonic structure is still forming the CD leg. But still, we will be waiting the completion of this structure in areas between 1700.00 and 1720.00; however, this structure might be valid as the metal is moving in line with Fibonacci ratios. Therefore, we expect the upside move to extend this week as long as the metal is stable above 1654.00, noting that a breach of 1638.00 weakens the upside move over intraday basis.

The trading range for this week is among the key support at 1598.00 and key resistance now at 1720.00.

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

***New York Candlesticks***

Previous Report

 
Support1662.001654.001650.001645.001638.00
 
Resistance1666.001673.001681.001690.001694.00
 
RecommendationBased on the charts and explanations above our opinion is buying gold around 1662.00, targeting 1680.00, 1700.00 and 1720.00 and stop loss with 4-hour closing below 1638.00 might be appropriate.