Morning report

Nothing changed since yesterday except a new try to breach 50% Fibonacci for the whole upward wave again but the price succeeded to make a clear 4 h close above the mentioned level forming an engulfing bullish candle stick pattern that may be able to support our yesterday’s expected scenario for medium and short term trading that the 5 waves sequence from the high (1006.00) has been reached and the expected 3 upward wave is under construction. Indicators are still supporting the positive intraday overview as far as 896.00 remains unbroken.

The trading range for today is among the key support now at 896.00 and key resistance now at 963.00 level.

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

Resistance916.00 925.00 935.00 945.00 956.00


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.