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Morning Report
Gold is still moving within a very tight range since the week's opening but the consolidation above the key support of 1239.00 could assist it to breach the pivotal resistance areas around 1255.00-1258.00. Our proposed internal count of the above shown Elliott sequence remains intact and thus, we keep our positive overview over intraday basis. Note that, correctional movements could occur from time to time due to the overbought signs appearing on momentum indicators.
The trading range for today is among the key support at 1228.00 and key resistance now at 1265.00.
The general trend over short term basis is to the upside, targeting 1365.00 per ounce as far as areas of 1120.00 remain intact.
Previous Report
Weekly Report
| Support | 1245.00 | 1242.00 | 1239.00 | 1237.00 | 1235.00 |
| Resistance | 1252.00 | 1255.00 | 1258.00 | 1265.00 | 1274.00 |
| Recommendation | Based on the charts and explanations above our opinion is, buying gold around 1245.00 targeting 1264.00 and stop loss below 1231.00 might be appropriate. | ||||
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