Fundamental Reports

Unless gold trades above the 777.50 level, the upside movements will be limited. The mentioned level is slowly being shifted towards the 784 level as it is also the pivot point on the weekly charts. The 100 day moving average on the four hour chart was able to reverse the metal to the downside yet today we see gold being oversold on the Stochastic indicator. From here we expect to see sideways trading with tendency to the downside confirmed by the breach the 734.45 and 720.00 levels.

The trading range for today is among the key support at 693.50 and the key resistance at 807.10.

 The general trend is to the downside as far as 934.00 remains intact with targets at 649.20 and 615.60