Morning Report

Gold has been capable of touching our previous detected scientific technical target of our captured classical head and shoulders top pattern flawlessly at 1210.00 as seen on the secondary image but what happened after that was very aggressive action as it inclined 25 dollars within four hours due to US data effect. This sharp incline took us to the same sensitive areas between 61.8% and 76.4% of 1265.00 to 1156.00 while Stochastic shows overbought sign on the four hour interval. So the neutral outlook will be in favor over intraday basis.

The trading range for today is among the key support at 1203.00 and key resistance now at 1265.00.

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.