Morning report

The secondary four-hour chart shows that gold is still building the previous discussed continuation pattern. Therefore we see that the upside correction should be limited around 997.00-998.00 zones before resuming the daily bearish harmonic downside rally, targeting 966.00 zones. Note that, Stochastic approaches overbought areas, supporting our anticipation.

The trading range for today is among the key support now at 952.00 and key resistance now at 1035.

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, selling gold from 997.00 targeting 982.00 and stop loss above 1009.00 might be appropriate.