Morning report

After reaching our detected technical target of yesterday's harmonic bullishness at 1062 areas-check the analysis here- , the short term Elliott sequence came back into focus. We see on the provided four-hour chart that five impulsive waves might have been formed. Thus; the [A-B-C] correction is under way, targeting the psychological level of 1000.00 but 1030.00 is in need for re-testing first to confirm the count. RSI 14 supports the intraday bearish outlook while AROON is preparing for a trend change signal.

The trading range for today is among the key support now at 1006.00 and key resistance now at 1074.00.

The general trend is to the upside as far as 820.00 remains intact with targets at 1074.00.

RecommendationBased on the charts and explanations above our opinion is, selling gold from 1049.00 targeting 1033.00 and stop loss above 1062.00 might be appropriate.