Morning report

Gold has reached the first target of yesterday’s expected bullishness via touching the upper line of the minor descending channel as we mentioned in our yesterday’s morning report (check it here). Now more upside action is highly anticipated particularly if the price settled above the mentioned line while the moving averages of Ichimoku indicator and EMA 50 are still pushing it from below. In addition to that, the hourly camarilla studies will support the upward action once gold can hit the initial resistance at 898.00. Only a break of 876.00 can make our analysis invalid.

The trading range for today is among the key support now at 855.00 and key resistance now at 945.00.

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












Support892.00884.00876.00866.00855.00
Resistance907.00 912.00 916.00 925.00 935.00

Recommendation

According to our analysis, buy gold at 899.00 with targets at 920.00 and stop loss at 881.00.