Morning Report

Gold is trading at the main harmonic resistance connecting points A and C. Breaching this resistance might extend the upside move towards the second harmonic target at 61.8% correction of CD leg. In fact, Stochastic is overbought which might restrict the upside move, though breaching the resistance at 1344.00 will drive gold higher towards 1360.00 which is the aforesaid correction, while further targets start from 1380.00 per ounce.

The trading range for today is among the key support at 1302.00 and key resistance now at 1380.00.

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

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Weekly Report

RecommendationBased on the charts and explanations above, our opinion is buying gold around 1335.00 targeting 1380.00 and stop loss with four-hour closing below 1302.00 might be appropriate today