Morning report

Gold is moving according to the possible Elliott sequence which we explained in our previous reports and the correctional level at 38.2% Fibonacci of the whole impulsive move started at $801.00 per ounce stopped the last decline and ended by a bullish candle stick formation so that we expect more incline today as far as 917.00 remains intact. Notes: 1-RSI shows an oversold signal. 2-MACD shows a bullish sign.

The trading range for today is among the key support now at 907.00 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

Resistance947.00 952.00 956.00 963.00 974.00


According to our analysis, we believe that it is good to buy gold with a four hour close above 940.00 with targets at 965.00 and stop loss with a four hour close below 925.00.