Morning Report

Gold has been able to breach the initial resistance level of 1123.00, closing above it and consequently our yesterday's suggested Elliott count has been reconsidered. We see how it is presently forming a continuation pattern Pennant. Thus; potential upside actions could be witnessed over intraday basis towards the projected objective, seen on our provided image.

The trading range for today is among the key support at 1109.00 and key resistance now at 1162.00.

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

Weekly Report Previous Report

Support1132.001128.001125.001122.001117.00
Resistance1137.001142.001144.001152.001155.00
RecommendationBased on the charts and explanations above our opinion is, buying gold from 1132.00 targeting 1155.00 and stop loss below 1111.00 might be appropriate.