Morning report

After reaching the detected technical target of Friday's report at 987.00-check the analysis here-, gold has started a new upside wave, claiming that an intraday bullish harmonic structure is underway, targeting 127% Fibonacci level as seen on our provided four-hour chart. The expected bullish CD harmonic leg is positively supported by the bullish candlestick structure along with moving freely above Ribbons lines [EMA 10-80]. Therefore our intraday outlook will be to the upside as far as 987.00 remains unbroken.

The trading range for today is among the key support now at 965.00 and key resistance now at 1060.00.

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 1002.00 targeting 1018.00 and stop loss below 990.00 might be appropriate.