Morning Report

Gold inclines gradually affected by the bullish double harmonic structure, where this incline lifted the metal to the upside, reaching areas around the resistance of 1790.00-94.00. Stochastic is almost within overbought areas, but the indicator didn't provide any positive crossover, while the harmonic structure remains effective as long as the metal is stable above 1763.00, especially when ADX shows stable strength of the upside move. Therefore, our positive expectations for gold remain valid today.

The trading range for today is among the key support at 1747.00 and key resistance now at 1828.00.

The short-term trend is to the upside with steady weekly closing above 1475.00 targeting 1945.00.

Previous Report

Weekly Report

 

Support
1780.00
1777.00
1772.00
1768.00
1763.00

 

Resistance
1790.00
1794.00
1810.00
1815.00
1828.00

 

Recommendation
Based on the charts and explanations above our opinion is buying gold around 1777.00, and take profit in stages at 1794.00, 1815.00 and 1828.00 and stop loss with 4-hour closing below 1763.00 might be appropriate.