Morning Report

Gold inclined aggressively, touching the first detected technical objective at 1474.00, while the positivity continues appearing on Stochastic despite RSI is very close to the value of 70.00. This incline is the best proof that the extended technical target of CD leg of the butterfly pattern is underway. In the interim, the bearish harmonic AB=CD pattern seeks for a completion at 1494.00-1508.00 zones. Within this suggested bullishness we may witness some kind of sharp corrections due to the negativity of smaller time frames.

The trading range for today is among the key support at 1445.00 and key resistance now at 1500.00.

The general trend over the short term basis is to the downside, targeting $ 1208.00 per ounce as far as areas of 1500.00 remain intact.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying gold around 1462.00 gradually targeting 1482.00 followed by 1495.00 and stop loss with a four hour closing below 1449.00 might be appropriate.