Morning Report

Gold declined towards the pivotal support level of 1144.00, which proved its solidity. As we discussed before that, areas of 1162.00 should be breached to confirm the recently established bullish wave over short term basis. The intraday outlook is neutral until we witness a stable move above the aforesaid initial resistance.

The trading range for today is among the key support at 1107.00 and key resistance now at 1200.00.

The general trend is to the upside as far as 865.00 remains intact with targets at 1249.00.

Weekly report

RecommendationBased on the charts and explanations above our opinion is, buying gold with a breakout above 1162.00 targeting 1185.00 and stop loss below 1144.00 might be appropriate.