Gold
The bearishness stopped in areas above 1643.00 and then returned to incline to settle above 1654.00. This is a positive sign that indicates the upside move is still available today, affected by the bullish technical structure in addition to the harmonic pattern mentioned in our weekly report. Consolidation above 1643.00 is necessary for our expectations to prevail.
The trading range for today is among the key support at 1624.00 and key resistance now at 1700.00.
The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.
Support: 1654.00, 1650.00, 1643.00, 1638.00, 1624.00
Resistance: 1666.00, 1673.00, 1681.00, 1690.00, 1694.00
Recommendation Based on the charts and explanations above our opinion is buying gold around 1654.00, targeting 1681.00, 1694.00 and 1709.00 and stop loss with 4-hour closing below 1624.00 might be appropriate
Ecpulse
disclaimer: The content of ecPulse.com and any page in the website contain information for investors/traders and is not a recommendation to buy or sell currencies, stocks, gold, silver & energies, nor an offer to buy or sell currencies, stocks, gold, silver & energies. The information provided reflects the writers' opinions that deemed reliable but is not guaranteed as to accuracy or completeness. ecPulse is not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trades currencies, stocks, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, stocks gold, silver &energies presented should be considered speculative with a high degree of volatility and risk
