Morning Report

After reaching the projected technical target for yesterday's suggested bearishness at 1102.00- check the analysis here-, the metal is preparing for internal upside correction for the first downside wave inside [C] wave over intraday basis, which may take it towards 1114.00 before resuming the short term Elliott sequence. RSI 9 is moving upwards supporting this suggested temporarily upside correction.

The trading range for today is among the key support at 1069.00 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, buying gold at 1102.00 targeting 1113.00 and stop loss below 1093.00 might be appropriate