Morning Report

The metal's movement was almost limited between the resistance of 1653.00 and the support of 1632.00, where this range is above the critical support level of 1624.00. Stability above this level means stability above the main resistance of the downside movement and therefore forming the 0-5 harmonic pattern remains possible. We still expect an upside move today, where consolidation above 1653.00 might trigger a bullish rebound towards 1679.00 and then 1700.00. Consolidation below 1624.00 is sufficient to negate our positive outlook.

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***

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is buying gold around 1638.00, targeting 1681.00, 1694.00 and 1700.00 and stop loss with 4-hour closing below 1624.00 might be appropriate.