Morning Report

Adding the harmonic overview to the previous discussed Camarilla studies and Elliott waves count, proving that the metal has formed AB=CD pattern. Therefore, we believe that potential downside wave is awaited over intraday basis, supported by the negative divergence appearing on Stochastic.

The trading range for today is among the key support at 1032.00 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.

Weekly Report Previous Report

Support1074.001072.001065.001060.001058.00
Resistance1080.001084.001088.001093.001095.00
RecommendationBased on the charts and explanations above our opinion is, selling gold with a breakout below 1074.00 targeting 1056.00 and stop loss above 1085.00 might be appropriate.