Morning report

Gold moved slowly in a very tight range between 879.00 and 884.00 during the Asian session continues the anticipated upside recovery by building a solid base gradually as we notice that it’s hitting (38.2%) Fibonacci of the entire medium term rally started at 679.00 and topped out at 1006.00 once more supported by Tenkan-sen (moving average of Ichimoku indicator) while the hourly chart on the secondary image is staging an inclining channel slightly. For all theses technical reasons we will keep our outlook to the upside today as far as the pivotal support at 863.00 remains intact on the intraday basis.

The trading range for today is among the key support now at 845.00 and key resistance now at 925.00.

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












Support880.00874.00865.00854.00845.00
Resistance895.00 902.00 907.00 916.00 925.00

Recommendation

According to our analysis, buy gold at 884.00 with targets at 906.00 and stop loss at 865.00.