Morning report

Based on the same Elliott cycle for the medium term we still can’t say that this suggested scenario has failed as the break occurs below 900.00 isn’t clear yet besides we can re-consider the internal count of leg A depending on 2 points: first, the bullish candlestick pattern and second, the consolidation appearing on the price action around a very important and cluster support. Therefore, we’ve to watch the action carefully around 900.00 areas as a clear break occurs above it will help the price to start the expected 3 upward wave of leg B. Note: William % R and MACD traditional are moving in oversold areas.

The trading range for today is among the key support now at 865.00 and key resistance now at 940.00 level.

The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.

Resistance900.00 907.00 912.00 916.00 925.00


According to our analysis, we believe that it is good to buy gold with a four hour close above 900.00 with targets at 920.00 and stop loss with a four hour close below 884.00.