News and gold strategy

After yesterday’s downside move, gold returned to trade around the 61.8% of CD from the AB=BC bullish pattern which is attempting to test 76.4% correction of the same leg at 1372.00, which might extend towards 1380.00-1384.00; the 88.6% correction. On the other hand, we should remain very cautious as the upside move that is expected to continue today is merely correctional for the preceding downside move from areas above 1400.00, A four-hour closing below 1344.00 signals the bearishness for gold once more.  

The trading range for today is among the key support at 1335.00 and key resistance now at 1395.00.

The short term trend is to the downside targeting 1208.00 per ounce as far as areas of 1485.00 remain intact.

Support	1358.00	1352.00	1348.00	1340.00	1335.00
Resistance	1366.00	1372.00	1376.00	1380.00	1384.00
Recommendation	Based on the charts and explanations above, our opinion is buying gold around 1358.00 targeting 1395.00 and stop with four-hour below 1344.00 might be appropriate

News and gold strategy

After yesterday’s downside move, gold returned to trade around the 61.8% of CD from the AB=BC bullish pattern which is attempting to test 76.4% correction of the same leg at 1372.00, which might extend towards 1380.00-1384.00; the 88.6% correction. On the other hand, we should remain very cautious as the upside move that is expected to continue today is merely correctional for the preceding downside move from areas above 1400.00, A four-hour closing below 1344.00 signals the bearishness for gold once more.  

The trading range for today is among the key support at 1335.00 and key resistance now at 1395.00.

The short term trend is to the downside targeting 1208.00 per ounce as far as areas of 1485.00 remain intact.

Support	1358.00	1352.00	1348.00	1340.00	1335.00
Resistance	1366.00	1372.00	1376.00	1380.00	1384.00
Recommendation	Based on the charts and explanations above, our opinion is buying gold around 1358.00 targeting 1395.00 and stop with four-hour below 1344.00 might be appropriate

News and gold strategy

The metal is trading sideways but steadily moving above the 61.8% correction of CD from the bullish AB=CD pattern at 1360.00-1358.00. Stochastic unloaded some of the negativity, and accordingly gold might move to the upside today aiming at 76.4% correction at 1372.00, where stability above those areas will extend the bullishness towards 1380.00-1384.00 shown above. The bullish expectations require steady trading above 1344.00 over intraday basis and generally stability above 1322.00.

The trading range for today is among the key support at 1335.00 and key resistance now at 1395.00.

The short term trend is to the downside targeting 1208.00 per ounce as far as areas of 1485.00 remain intact.

Support	1358.00	1352.00	1348.00	1342.00	1335.00
Resistance	1366.00	1372.00	1376.00	1380.00	1384.00
Recommendation	Based on the charts and explanations above, our opinion is buying gold around 1360.00 targeting 1395.00 and stop with four-hour below 1344.00 might be appropriate