Morning Report

Gold is still forming the forth wave of our captured Elliott sequence for the IM that started at 1125.00. According to our suggested internal count, this 4th wave is to be completed around 1074.00 zones, where the fifth might start. The mixture between Elliott studies and Camarilla lines shows that, areas of 1074.00 represent a very solid resistance. Thereby, potential bearish actions might be seen from there over intraday basis.

The trading range for today is among the key support at 1132.00 and key resistance now at 1107.00.

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 1074.00 targeting 1056.00 and stop loss above 1085.00 might be appropriate.