Morning report

Gold is still moving positively affected by the successful break out which occurred to the upper line of the short term descending channel and also the successful Tenken-sen overlapping above Kijun-sen that helped the price to enter the cloud of Ichimoku indicator confirming that the impulsive wave has already obtained enough power. Hence more upside rally is highly anticipated on the intraday basis as far as 907.00 remains unbroken with a first target around 935.00 followed by 945.00 areas.

The trading range for today is among the key support now at 896.00 and key resistance now at 974.00 level.

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

Resistance930.00 935.00 945.00 956.00 963.00


According to our analysis, we believe that it is good to buy gold at 925.00 with targets at 945.00 and stop loss at 910.00.