Gold declined yesterday as we expected but this descend couldn't indicate that the harmonic upside wave was limited as it couldn’t stabilize below 1380.00. Thereby, gold might be on its way to touch the ideal potential reversal zones of the crab pattern at 1430.00 and consequently, we believe that the bullishness will dominate the movements temporarily. We should observe the price behavior around D point, seen on the provided image.
The trading range for today is among the key support at 1365.00 and key resistance now at 1465.00.
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 | 1400.00 | 1395.00 | 1385.00 | 1380.00 | 1372.00 |
| Resistance | 1415.00 | 1425.00 | 1430.00 | 1435.00 | 1465.00 |
| Recommendation Based on the charts and explanations above our opinion is, buying gold around 1405.00 targeting 1430.00 and stop loss with a four hour closing below 1395.00 might be appropriate. | |||||
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