Morning Report

Gold is still moving between 61.8% Fibonacci level at 1224.00 and 76.4% at 1239.00 for our previous proposed IM wave from 1265.00 to 1156.00. We still need more confirmation that gold could start the bigger third wave and that is why we should watch out the price behaviors between those levels until a big move occurs to define whether this Elliott count is valid or not. We still keep the neutral outlook.

The trading range for today is among the key support at 1210.00 and key resistance now at 1255.00.

The general trend over short term basis is to the upside, targeting 1365.00 per ounce as far as areas of 1120.00 remain intact.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, staying aside until a clear sign appears between 1224.00 and 1239.00 levels to pinpoint the upcoming big move.