Morning report

The irregular flat correction of the [C] wave of thebigger 4th wave of the short term Elliott sequence has been limited around 996.00 as seen on the above four-hour chart, where we suggest that the fifth started the impulsive actions, targeting 1030.00 zones, supported by the daily bullish structure of the candlesticks -secondary image-. Hence, our overview is to the upside today as far as the key support areas of 1002.00 remains unbroken.

The trading range for today is among the key support now at 976.00 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 1044.00.

RecommendationBased on the charts and explanations above our opinion is, buying gold from 1015.00 targeting 1030.00 and stop loss below 1002.00 might be appropriate.