Morning Report

Since the recorded bottom of 24th of March has been placed at 1084.00, gold achieved an IM wave that consisted of 5 waves as seen on the provided four-hour chart. Thereby, we are about to witness A-B-C waves to complete the short term Elliott sequence. Consequently, possible bearishness could be seen over intraday basis, supported by negative signs appearing on Stochastic and RSI-14.

The trading range for today is among the key support at 1085.00 and key resistance now at 1137.00.

The general trend over short term basis is to the downside, targeting 1025.00 per ounce as far as areas between 1225.00 and 1249.00 remain intact.

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RecommendationBased on the charts and explanations above our opinion is, selling gold from 1112.00 targeting 1095.00 and stop loss above 1122.00 might be appropriate.