Morning report

By placing a low yesterday at 935.25 the price proved that it respects the technical target of the head and shoulder appeared on the hourly chart as we explained in our yesterday mid-day report, now we see a new upside action confirmed by the bullish candle stick pattern appearing on 4h chart in addition to the positive overlapping sign on Stochastic. This expected upward move will be accelerated if the price breached 50 % Fibonacci successfully at 945.00. Note: MA’s of RSI moves in a neutral areas preparing to support the price.

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












Support935.00925.00916.00912.00907.00
Resistance945.00 956.00 963.00 973.00 984.00

Recommendation

According to our analysis, we believe that it is good to buy gold above 945.00 with targets at 970.00 and stop loss at 927.00