Morning report

The price is still preceding our yesterday’s bullish expectation completing the suggested Elliott sequence by breaching (900.00-907.00) areas and as shown on the above chart that it’s still supported by the positive signals appeared on CCI and MACD traditional indicators. Hence we can say that the impulsive wave is still in progress particularly if the price is able to make a daily close above 925.00 zones. Note: unless a clear break occurs below 896.00 today we will keep our overview to the upside.

The trading range for today is among the key support now at 884.00 and key resistance now at 956.00 level.

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

Resistance916.00 925.00 935.00 945.00 956.00


According to our analysis, we believe that it is good to buy gold with a four hour close above 916.00 with targets at 935.00 and stop loss with a four hour close below 900.00.