Morning report Despite the collapse occurred to gold yesterday that made it trade below the moving averages of the ICHIMOKU indicator as shown on the above chart breaching TEMA but actually it didn't breach the lower line of the ascending channel yet which we've to watch carefully as a break out occurs below it steadily will change the medium term outlook. We expect a clear upward retrace from the areas between 945.00 and 955.00 as stochastic indicator is now at an oversold areas. This expected bullish scenario for intraday basis will not be changed unless a clear break occurs below 935.00 $ per ounce.
The trading range for today is among the key support now at 925.00 and key resistance now at 984.00 level.
The general trend is to the upside as far as 930.00 remains intact with targets at 1035.00 and 1060.00
|According to our analysis, we believe that it is good to buy gold with a four hour close above 957.00 with targets at 980.00 and stop loss with a four hour close below 940.00.|