Morning Report

SMA 20 at 1413.00 is supporting the metal from below, while the four hour chart offers a positive crossover attempt on Stochastic. The harmonic formation is still in favor and thusthe bullishness might continue over intraday basis towards 1449.00, or towards 161.8% -the perfect correctional level-at 1473.00.

The trading range for today is among the key support at 1378.00 and key resistance now at 1273.00.

The general trend over the short term basis is to the downside, targeting $ 1208.00 per ounce as far as areas of 1485.00 remain intact.

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Eye on gold

RecommendationBased on the charts and explanations above our opinion is, buying gold around 1413.00 targeting 1450. 00 and stop loss with a four hour closing below 1395.00 might be appropriate.