Morning report

Gold's bullish scenario which we expected in our previous reports is still in progress respecting the medium term Elliott waves cycle until now, and we expect this progress to be formed on 3 waves that will lead the correction sequence to a ZIG-ZAG formation of leg B so that more incline is still expected today as far as 925.00 critical areas remains intact. Note: The expected bullish scenario for intraday basis today is based on the obvious MACD traditional signal by the overlap in oversold areas.

The trading range for today is among the key support now at 912.00 and key resistance now at 984.00 level.

The general trend is to the upside as far as 900.00 remains intact with targets at 1035.00 and 1060.00

Resistance956.00 963.00 974.00 984.00 995.00


According to our analysis, we believe that it is good to buy gold with a four hour close above 953.00 with targets at 974.00 and stop loss with a four hour close below 935.00.