Midday Report

Gold declined during the previous session, affected by the previous discussed Elliott sequence over short term basis. We still think that the metal is forming the internal [c] wave for the bigger 4th. The hourly [Bat] pattern as seen on the secondary image is still in progress. Hence, we keep our outlook to the downside for the rest of the day as far as 1074.00 remains intact.

The trading range for today is among the key support now at 1025.00 and key resistance now at 1129.00.

The general trend is to the upside as far as 865.00 remains intact with targets at 1129.00.

RecommendationOur mornig expectations remain valid