Stabilizing above 1372.00 proved the efficiency of the harmonic scenario of crab pattern, which we discussed several times during this week. Not only that but it succeeded in recording a new all-time high. Actually, there are overbought signs appearing on momentum indicators but as far as trading is above 1380.00-1381.00, the bullishness will continue to complete the CD leg of the suggested harmonic pattern; technical targets reside at 1430.00. This harmonic pattern will be valid as far as 1358.00 remains intact and preferably 1381.00 as we discussed above.
The trading range for today is among the key support at 1345.00 and key resistance now at 1430.00.
The general trend over the short term basis is to the upside, targeting $ 1400.00 per ounce as far as areas of 1120.00 remain intact.
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 four hour closing below 1358.00 might be appropriate.
No comments:
Post a Comment