Morning report

Gold moved steadily upwards since hitting the key resistance level of 1012.00, proving that the extension of the irregular flat (b) wave of our captured Elliott sequence over the short term basis is to continue in order to test 127% of the third wave at [1033.00-1035.00] areas. Therefore the bullishness is in favor over the intraday basis

The trading range for today is among the key support now at 972.00 and key resistance now at 1060.

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

RecommendationBased on the charts and explanations above our opinion is, buying gold from 1017.00 targeting 1032.00 and stop loss below 1005.00 might be appropriate.