Despite the downward movements that occurred yesterday after reaching the resistance areas at $977.00 per ounce which was the target area of our mid-day report yesterday but still the scenario of Elliott wave sequence which we explained in the previous report is still in progress as internal (A) leg is expected to complete the 5 waves internal impulsive wave around or above 935.00-930.00 areas followed by the (B) correctional leg which we think that it will retest the broken trend as shown on the above 4h chart. Note: MACD traditional supports the bullish scenario.
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 900.00 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 950.00 with targets at 970.00 and stop loss with a four hour close below 930.00.|