Morning report

Gold reached 1006.00 with the market closing and our first target of the impulsive bullish wave was at (1005.00) whereas gold retraced normally affected by the Psychological influence of facing 1000.00 again and technically reached the technical target of the previous explained bullish pattern as shown on the above chart, now we think that gold is building a new base by gathering enough momentum to be able to breach 1005.00 towards the second technical target around 1017.00 areas, we will keep our outlook to the upside for intraday basis as far as 963.00 cluster support remains unbroken.

The trading range for today is among the key support now at 940.00 and key resistance now at 1035.00 level.

The general trend is to the upside as far as 856.00 remains intact with targets at 1035.00 and 1060.00

Resistance995.00 1000.00 1005.00 1017.00 1025.00


According to our analysis, we believe that it is good to buy gold with a four hour close above 990.00 with targets at 1013.00 and stop loss with a four hour close below 973.00.