Morning report

Gold was affected negatively by the bearish signal appeared on (MA’s of RSI) indicator exactly as we predicted in Friday’s report reaching the projected target at 947.00 areas but it's gathering the momentum which in our opinion will help the price to breach 61.8% Fibonacci level aggressively completing the short and medium term impulsive movements towards 984.00 followed by retesting 1000.00 (Psychological level). So that our overview will be to the upside as far as 916.00 remains unbroken. Stochastic supports our overview.

The trading range for today is among the key support now at 907.00 and key resistance now at 1000.00.

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












Support952.00945.00935.00925.00916.00
Resistance963.00 977.00 988.00 995.00 1000.00

Recommendation

According to our analysis, we believe that it is good to attempt to buy gold at 950.00 with targets at 975.00 and stop loss at 930.00.