Morning Report

Gold is gradually approaching the main support shown above while the bearish technical pattern that was completed with the breach of 1666.00 remains valid. Therefore, we expect further intraday bearishness for today targeting areas of 1540.00 while gold might fluctuate and correct to the upside before reaching the set target. Breaching areas of 1635.00 signals an intraday reversal to the upside.

The trading range for today is among the key support at 1540.00 and key resistance now at 1620.00.

The short-term trend 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

 
Support1580.001565.001550.001540.001530.00
 
Resistance1600.001625.001635.001660.001675.00
 
RecommendationBased on the charts and explanations above our opinion is selling gold around 1605.00 and take profit at 1540.00 and stop loss with four-hour closing above 1635.00 might be appropriate