Morning Report

By breaching 1196.00 to the upside; gold entered into a strong upside wave reaching major resistance for the upside trend, which had recently formed at 1216.00. We see more room for bullish movement today, yet also we might witness downside correction to unload the negative momentum on the RSI,where the coming target is seen at the 161.8% correction, seen above at 1230.00; meanwhile,we see that trading is still generally to the upside today.

The trading range for today is among the key support now at 1185.00 and key resistance now at 1235.00.

The general trend is to the upside as far as 865.00 remains intact with targets at 1235.00.

RecommendationBased on the charts and explanations above our opinion is buying gold from 1207.00 targeting 1230.00 and stop loss below 1185.00 might be appropriate