Morning Report

Gold inclined sharply, damaging the bearish harmonic pattern via achieving a four hour closing above 1438.00. As we discussed earlier, this level was so important- we recommend reviewing the previous report-. Now, the metal is on its way to touch 1462.00-1464.00 zones, where a break of which will send it higher towards 1474.00. On the other side, momentum indicators are showing overbought signs. Thus, we prefer staying aside over intraday basis.

The trading range for today is among the key support at 1409.00 and key resistance now at 1474.00.

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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RecommendationBased on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.