Morning Report

Gold inclined yesterday, closing above the initial resistance areas of 1088.00-1093.00 zones. The metal has formed an ideal bearish AB=CD pattern, bouncing from 161.8% Fibonacci level of BC leg alongside negative signs appearing on indicators but as we mentioned, the positive closing above the aforesaid resistance prevents us from being completely sure for those bearish signs. Thus; the intraday outlook is neutral until we witness deeper signs.

The trading range for today is among the key support at 1032.00 and key resistance now at 1125.00.

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,waiting until a confirmed sign appears in order to pinpoint the coming big move.