Morning report

Gold has respected our yesterdays analysis by reaching it’s first expected target at 930.00 zones affected by the MACD traditional and CCI positive signals. Hence depending on the clear break occurs above the upper line of the descending channel we can say that the bullishness is still in favor according to the previous explained Elliott cycle as far as 900.00 remains unbroken particularly after the positive overlapping signal appeared on moving averages of Ichimoku indicator.

The trading range for today is among the key support now at 892.00and key resistance now at 965.00 level.

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

Resistance930.00 935.00 945.00 956.00 965.00


According to our analysis, we believe that it is good to buy gold with a four hour close above 925.00 with targets at 945.00 and stop loss with a four hour close below 910.00.