Midday Report

After the metal acquired our expectations yesterday, it head to the downside from the resistance area at 1142.00-1143.00 and is now indulging in a temporarily downside correctional wave before resuming the original upside wave. Stochastic over four-hour basis has provided a negative crossover while RSI is also trying to exit overbought areas and that confirms our expectations for today in addition assuring the waves proposed count according to the secondary hourly chart.

The trading range for today is among the key support at 1095.00 and the key resistance at 1163.00.

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 1137.00 targeting 1127.00 and stop loss above 1145.00 might be appropriate