Morning report

Nothing changed except that the price declined correcting the whole short term rise started at $892.00 and we expect that this correction is just to continue the suggested Elliott scenario as the price needs to correct this rise between 61.8% Fibonacci and 76.4% Fibonacci zones (909.00 and 902.00). Hence on the intraday basis we predict that the current levels are the levels of strong upside reversal and this bullishness is based on CCI clear oversold signal.

The trading range for today is among the key support now at 884.00 and key resistance now at 963.00.

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

Resistance912.00 916.00 925.00 935.00 945.00


According to our analysis, we believe that it is good to attempt to buy gold at 905.00 with targets at 925.00 and stop loss at 890.00.