Morning Report

Click on the image for a larger view

Yesterday's sharp decline couldn't damage our bullish expectations and all what happened was changing the place of the second wave of the suggested bigger fifth wave. We still believe that the metal will incline over intraday basis and a break of 1505.00, accompanied by stability above it will be positive indication. Momentum indicators support our overview for today.

The trading range for today is among the key support at 1445.00 and key resistance now at 1537.00.

The general trend over the short term basis is to the upside, targeting $ 1600.00 per ounce as far as areas of 1430.00 remain intact with weekly closing.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, buying gold around 1488.00 gradually targeting 1505.00,1523.00 and 1537.00, while the stop loss is a four hour closing below 1462.00 might be appropriate.