Morning report Gold is trapped in a tight range between the Tenken and kijun (moving averages)as a result of struggling inside the Ichimoku spans trying to breach it but we still expect an aggressive upside move particularly if the price retests 930.00 again. This bullish prediction is based on indicators which are still suggesting further strength specially CCI and any pullbacks at the current price levels will be initially gathering enough momentum to continue the medium term Elliott cycle. This expected bullish scenario can be changed only if 892.00 zones are broken.
The trading range for today is among the key support now at 892.00 and key resistance now at 963.00 level.
The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00
|According to our analysis, we believe that it is good to buy gold at 920.00 with targets at 940.00 and stop loss at 905.00.|