Morning Report

Since peaking at 1162.00 zones, gold has formed 3 waves as seen on the provided four-hour chart. Now, it is clear that gold is forming the fifth wave in order to resume the IM (impulsive) structure of our captured Elliott count. First technical target resides at 1060.00 with a potential support at 1074.00. Thus; we keep our outlook to the downside over intraday basis.

The trading range for today is among the key support at 1060.00 and key resistance now at 1137.00.

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

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RecommendationBased on the charts and explanations above our opinion is, selling gold from 1097.00 targeting 1074.00 and stop loss above 1114.00 might be appropriate