Morning Report

The metal continues to provide more attempts to breach the resistance of the general downside trend, but Stochastic is almost within overbought areas. Gold also found a strong support at 1638.00-1632.00, where consolidation above these areas might be sufficient to support the metal to breach the resistance and turn positive. In result, we still expect an upside move today as the metal is still forming the CD leg of the 0-5 harmonic pattern.

The trading range for today is among the key support at 1608.00 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

 
Support1650.001645.001638.001632.001624.00
 
Resistance1646.001662.001666.001673.001681.00
 
RecommendationBased on the charts and explanations above our opinion is buying gold around 1650.00, targeting 1666.00, 1680.00 and 1700.00 and stop loss with 4-hour closing below 1624.00 might be appropriate.