Morning Report

Gold succeeded in stabilizing above 161.8 % Fibonacci level of BC for the harmonic AB=CD pattern as seen on the above four-hour chart. Thereby, the awaited (potential reversal zones) for the pattern might reside at around 1116.00 zones-261.8% Fibonacci level-. Consequently, a temporarily bullish action might occur over intraday basis to resume the formation of our above mentioned pattern. Note that, some kind of correction is needed to relieve momentum indicators.

The trading range for today is among the key support at 1074.00 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, buying gold with from 1102.00 targeting 1115.00 and stop loss below 1092.00 might be appropriate.