Morning Report

The bearishness stopped in areas above 1643.00 and then returned to incline to settle above 1654.00. This is a positive sign that indicates the upside move is still available today, affected by the bullish technical structure in addition to the harmonic pattern mentioned in our weekly report. Consolidation above 1643.00 is necessary for our expectations to prevail.

The trading range for today is among the key support at 1624.00 and key resistance now at 1700.00.

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
1654.00
1650.00
1643.00
1638.00
1624.00

 

Resistance
1666.00
1673.00
1681.00
1690.00
1694.00

 

Recommendation
Based on the charts and explanations above our opinion is buying gold around 1654.00, targeting 1681.00, 1694.00 and 1709.00 and stop loss with 4-hour closing below 1624.00 might be appropriate