Morning Report

Gold inclined affected by the bullish technical structure shown above and also by the harmonic scenario mentioned in our weekly report. The incline seen triggered positive crossover on EMA 20 and 50; the thing that indicates that the metal will rebound to the upside. Therefore, we still expect the upside move to extend today as long as gold is stable above 23.6% Fibonacci correction shown above at 1666.00 and 1656.00 mentioned in our weekly report.

The trading range for today is among the key support at 1624.00 and key resistance now at 1735.00.

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

***New York Candlesticks***

Previous Report

Weekly Report

 

Support
1681.00
1673.00
1666.00
1656.00
1650.00

 

Resistance
1690.00
1694.00
1700.00
1703.00
1706.00

 

Recommendation
Based on the charts and explanations above our opinion is buying gold around 1681.00, targeting 1694.00, 1709.00 and 1728.00 and stop loss with 4-hour closing below 1656.00 might be appropriate.