Morning Report

As shown above on the chart, gold declined sharply since the morning. Nevertheless, this decline didn't confirm that the bullish impulsive wave has ended, which represents the fifth wave of the suggested scenario. The metal could be trading within the minor fourth wave of the fifth general wave, while after the current downside correction should end, the metal might rebound to the upside again; however, we remain neutral today, awaiting the completion of the current downside correctional movement.

The trading range for today is among the key support at 1772.00 and key resistance now at 1920.00

The short-term trend is to the upside targeting 1945.00 as far as areas of 1475.00 remain intact

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Weekly Report

RecommendationBased on the charts and explanations above, we remain neutral today awaiting more confirmations