Morning report

Gold reached the projected target of the 2nd wave correcting wave 1 of leg (B) at $910 per ounce representing 76.4% exactly now by using this obvious Elliott cycle we can say that the 3rd wave is under construction so that we expect a violent incline today as far as 900.00 areas remains unbroken. This expected bullish scenario is based on RSI and Gator clear positive signals as shown on the above chart.

The trading range for today is among the key support now at 896.00 and key resistance now at 963.00 level.

The general trend is to the upside as far as 896.00 remains intact with targets at 1035.00 and 1060.00

Resistance920.00 925.00 935.00 945.00 956.00


According to our analysis, we believe that it is good to buy gold with a four hour close above 917.00 with targets at 940.00 and stop loss with a four hour close below 900.00.