Morning Report

The bearishness seen was limited in areas above 1624.00 and also above the main resistance of the downside movement. The slight decline seen earlier relieved momentum indicators from the negativity, and in result this could be a sign the metal is still forming the CD leg of the suggested harmonic structure. Therefore, the upside move is still available, but a breach of 1624.00 negates any positive projections.

The trading range for today is among the key support at 1590.00 and key resistance now at 1680.00.

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

 
Support1632.001624.001608.001598.001590.00
 
Resistance1645.001650.001653.001662.001666.00
 
RecommendationBased on the charts and explanations above our opinion is buying gold around 1632.00, targeting 1681.00, 1694.00 and 1700.00 and stop loss with 4-hour closing below 1624.00 might be appropriate.