Morning report

It’s clear now that our expected count is still in favor by the failure of breaching 900.00-896.00 areas as the price respected 907.00 strong support level, therefore according to Elliott analytical school we suggest that gold is moving in wave B now for medium term trading and 3 waves up are highly anticipated now particularly after breaching the upper line of the descending channel above (Kijun-Sen) line of ICHIMOKU indicator. The intraday basis will be to the upside as far as 907.00 remains unbroken. MACD traditional is still in a positive case.

The trading range for today is among the key support now at 896.00 and key resistance now at 974.00 level.

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

Resistance945.00 956.00 963.00 974.00 984.00


According to our analysis, we believe that it is good to buy gold with a four hour close above 935.00 with targets at 955.00 and stop loss with a four hour close below 920.00.