Morning report

Gold has been capable of constructing a short term impulsive upside wave,whichstarted form 1026.00 zones as seen on the provided four-hour chart. Hence potential downside movements are highly anticipated on the intraday basis, in order to complete the Elliott sequence, forming corrective [A-B-C] waves, targeting 1075.00-1069.00 zones. AROON, OsMA and RSI 9 support our overview.

The trading range for today is among the key support at 1034.00 and key resistance now at 1155.00.

The general trend is to the upside as far as 865.00 remains intact with targets at 1155.00.

RecommendationBased on the charts and explanations above our opinion is, selling gold from 1100.00 targeting 1085.00 and stop loss above 1112.00 might be appropriate.