Morning Report

Gold is still consolidating close to the pivotal support of 1833.00 after achieving bullish actions from 1815.00 as seen on the provided four hour graph. TEMA 20-colored in blue- and Parabolic SAR are still carrying the movements from below; whilst the negative sign of AROON which appeared yesterday was fixed. Henceforth, thebullishness is still in favor over intraday basis, supported by the IM -impulsive structure-; noting that clearing 1833.00 will be a very positive indication.

The trading range for today is among the key support at 1772.00 and key resistance now at 1895.00.

The general trend over the short term basis is to the upside, targeting $ 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.

Previous Report

Weekly Report

 
Support1825.001815.001800.001785.001772.00
 
Resistance1833.001845.001854.001867.001875.00
 
RecommendationBased on the charts and explanations above our opinion is, buying gold around 1823.00 targeting 1888.00 and stop loss below 1777.00 might be appropriate.