Morning Report

Gold is currently forming the 4th wave inside the first corrective wave A of our detected Elliott sequence that started at 1044.00 as seen on the provided four-hour chart. Chances for reaching 1115.00 zones still exist to complete this forth wave before resuming the downside rally of the suggested Elliott count. Henceforth, potential downside actions could be seen over intraday basis.

The trading range for today is among the key support at 1075.00 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, selling gold from 1115.00 targeting 1095.00 and stop loss above 1128.00 might be appropriate.