The comparison between the provided image and the image provided in our morning report prove that we have expected the activation of the completed bullish sign on AROON. This expected signal was based on being carried above TEMA 20 and SMA 50 which assisted the metal to penetrate the pivotal resistance of 1833.00 –turned into support-. Our positive predictions remain valid for the rest of the day, supported by the IM wave discussed earlier and the last four-hour bullish candlestick formation.
The trading range for today is among the key support at 1772.00 and key resistance now at 1895.00.
The general trend over the short term basis is to the upside targeting 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.
| Support | 1845.00 | 1833.00 | 1825.00 | 1815.00 | 1800.00 |
| Resistance | 1854.00 | 1867.00 | 1875.00 | 1888.00 | 1895.00 |
| Recommendation | Based on the charts and explanations above our opinion is, buying gold around 1833.00 targeting 1900.00 and stop loss below 1795.00 might be appropriate. | ||||
Please see the attached chart below...