Morning report

The range trading continues as we explained several times before and as we notice on the secondary hourly chart that gold is still preparing for a price explosion and we think it will be to the downside depending on the continuation classical pattern for the downside rally started at 967.00 appearing obviously on the 4h chart while the negative pressure of the cluster resistance at 930.00 (38.2%) Fibonacci is still in favor. Indicators show that it’s totally overbought and at the same time Ichimoku and Gator oscillator indicators support this bearishness as far as 940.00 remains unbroken.

The trading range for today is among the key support now at 892.00 and key resistance now at 963.00.

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