Morning report

Gold still couldn’t hit 38.2% Fibonacci of the near term trading range started at 1006.00 to 883.00 (18th March Low) while Ichimoku studies claims that both Tenkan-Sen and Kijun-Sen are heading downside via a clear overlapping above the bearish candlestick close and below the previous mentioned Fibonacci level. Therefore we expect more downside actions today towards the initial support areas of 907.00. This bearish outlook on the intraday basis is based also on the continuous bearish formation appearing on the hourly chart appearing on the left side of the chart image.

The trading range for today is among the key support now at 900.00 and key resistance now at 984.00.

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












Support922.00916.00912.00907.00900.00
Resistance930.00 935.00 945.00 956.00 963.00

Recommendation

According to our analysis, we believe that it is good to sell gold below 930.00 with targets at 912.00 and stop loss at 945.00