The metal inched higher with the beginning of this week to stabilize above 1323.20 that represents the extended target 78.6% correction of the bullish harmonic AB=CD Pattern. Stability above the referred to level brings back the pattern's effect and might extend bullishness to test 23.6% correction and perhaps 61.8% correction of the bullish wave that started from the bottom 1182.46 reaching the top 1387.82.

RSI breached line 50 to the upside and MACD still tends to be positive attempting to break above line zero to the upside. Linear Regression Indicators aren't showing positive signals, so the positive expectations requires stability above 1292.66 represented in 61.8% correction of CD Leg of the pattern this week. Stabilizing above 1309.35 levels strengthen the upside move.

 

Based on the above, buy gold above 1323.20 targeting 1339.35 then 1341.10 and 1361.10 and stop-loss below 1300.00 this week