Morning report

Having a look at the internal count of our short term Elliott sequence, we'll find out that gold is forming the third wave-c- of the 4th, attempting to reach 1058.00 zones. Stochastic has crossed over positively, supporting the expected bullishness over the intraday basis. Note that, the aforesaid wave is just an internal corrective upside wave inside the bearish Grand [4th wave].

The trading range for today is among the key support at 1006.00 and key resistance now at 1100.00.

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

RecommendationBased on the charts and explanations above our opinion is, buying gold from 1044.00 targeting 1057.00 and stop loss below 1032.00 might be appropriate.