The harmonic scenario is still valid as the metal stabilized above 1385.00 zones, while the secondary resistance levels around 1395.00 prevented it from showing additional bullishness. Meanwhile, we still see chances for achieving additional upside movements to breach the aforesaid levels on its way towards 1402.00 followed by the potential reversal zones around 1413.00, where 88.6% of XA leg exists. This point also represents 200% of BC leg. We should note that the entire structure is bearish once it is completed.
The trading range for today is among the key support at 1350.00 and key resistance now at 1413.00.
The general trend over the short term basis is to the downside, targeting $ 1208.00 per ounce as far as areas of1465.00 remain intact.
| Support | 1388.00 | 1385.00 | 1372.00 | 1368.00 | 1362.00 |
| Resistance | 1395.00 | 1402.00 | 1406.00 | 1413.00 | 1425.00 |
| Recommendation | Based on the charts and explanations above our opinion is, buying gold around 1388.00 targeting 1413.00 and stop loss with a four hour closing below 1372.00 might be appropriate. | ||||
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