Momentum indicators might cause some kind of technical hesitations but as far as trading remains above 1380.00, our crab pattern is still valid and the negativity of these indicators could be canceled out. Areas of 1430.00 could be visited but we should witness a breakout above 1404.00-1406.00 levels first. Our bullish harmonic scenario of resuming the pattern is still in favor as far as the daily closing is above 1372.00.
The trading range for today is among the key support at 1358.00 and key resistance now at 1405.00.
The general trend over the short term basis is to the upside, targeting $ 1430.00 per ounce as far as areas of 1120.00 remain intact.
| Support | 1385.00 | 1380.00 | 1372.00 | 1365.00 | 1358.00 |
| Resistance | 1395.00 | 1400.00 | 1405.00 | 1412.00 | 1425.00 |
| Recommendation | Based on the charts and explanations above our opinion is, buying gold around 1385.00 targeting 1430.00 and stop loss with a daily closing below 1372.00 might be appropriate. | ||||
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