Morning Report

Gold is still trapped inside our detected descending channel, seen on the provided four-hour chart. We believe that, it is preparing to activate the expected [C] wave over short term basis to complete the previous explained Elliott cycle that started at 1074.00 zones. Thereby, we keep our intraday overview to the downside over intraday basis, supported by the overbought sign appearing on Stochastic.

The trading range for today is among the key support at 1095.00 and key resistance now at 1185.00.

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

Weekly Report Previous Report

Support1132.001125.001122.001118.001111.00
Resistance1140.001144.001153.001155.001162.00
RecommendationBased on the charts and explanations above our opinion is, selling gold from 1137.00 targeting 1118.00 and stop loss above 1153.00 might be appropriate.