Morning report

Gold is still respecting our Elliott sequence by reaching all our expected targets which were at 925.00 followed by 935.00 showing an impulsive movement which we predicte that it represents the internal c wave of the bigger (B) particularly after the price was able to retest the broken declining channel followed by breaching the Ichimoku cloud. Now we expect a profit taking move towards 925.00 followed by a new inclining actions as far as 907.00 remains unbroken.

The trading range for today is among the key support now at 900.00 and key resistance now at 974.00.

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

Resistance935.00 945.00 956.00 963.00 974.00


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