Midday Report

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Trading continued above 61.8% of XA leg for the bearish harmonic pattern where stability above this level at 1532.00 will keep chances for achieving the bullishness which will be valid as far as we are moving above 1519.00. RSI will cause fluctuation due to its negative tendency.

The trading range for today is among the key support at 1500.00 and key resistance now at 1556.00.

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.

Morning Report

Weekly Report

Support1532.001523.001519.001513.001505.00
Resistance1545.001549.001556.001562.001565.00
RecommendationBased on the charts and explanations above our opinion is, buying gold around 1532.00 gradually targeting 1549.00,1556.00 and 1562.00, while the stop loss is a daily closing below 1519.00 might be appropriate.