Just one dollar separated between the suggested support at 1609.00 and the previous session's recorded low at 1610.00, where the metal inclined once more. The aforementioned incline is seen as normal effect of stability above SMA 50 as seen on the secondary image. The bullish candlesticks formation over four time scale is another positive technical factor that should be added to the long wick of yesterday's candlestick. Thereby, we hold onto our bullish predictions over intraday basis, looking for a sustained breakout above 1627.00 to fix the sign appearing on Stochastic. Ultimately, our caught Deep Crab pattern is still forming its CD leg. Will is success? Let us see together.
The trading range for today is among the key support at 1574.00 and key resistance now at 1645.00.
The general trend over the short term basis is to the upside targeting 1694.00 per ounce as far as areas of 1430.00 remain intact with weekly closing.
| Support | 1609.00 | 1600.00 | 1595.00 | 1585.00 | 1574.00 |
| Resistance | 1620.00 | 1627.00 | 1632.00 | 1635.00 | 1642.00 |
| Recommendation | Based on the charts and explanations above our opinion is, buying gold around 1609.00 targeting 1645.00 and stop loss below 1585.00 might be appropriate. | ||||
Please see the attached chart below...