Morning report

Gold couldn’t retrace from 38.2% Fibonacci according to our previous report expectation and it was able to breach this level that helped the price to reach 50% areas which is supporting it for time being. We notice that the whole decline started at 1006.00 zones has formed 5 waves sequence, therefore we expect that the first leg of the reactionary waves is under construction so we expect a new upside move for intraday basis as far as 896.00 remains unbroken. MACD traditional supports this positive overview.

The trading range for today is among the key support now at 896.00 and key resistance now at 973.00 level.

The general trend is to the upside as far as 896.00 remains intact with targets at 1035.00 and 1060.00

Resistance916.00 925.00 935.00 945.00 952.00


According to our analysis, we believe that it is good to buy gold with a four hour close above 916.00 with targets at 940.00 and stop loss with a four hour close below 900.00.