Morning Report

Recently, we witnessed that gold is trading narrowly within a sideway range between the support of 1638.00 and the resistance at 1653.00. all the trading was above the main support of 1624.00, which suggests that the metal still might form the CD leg of the suggested harmonic structure and in result targeting the level of 1700.00, supported by consolidation above the main resistance of the downside movement. Therefore, any trading above 1624.00 drives us to expect an upside move this week.

The trading range for this week is among the key support at 1580.00 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

 
Support1638.001624.001608.001598.001590.00
 
Resistance1650.001654.001662.001666.001673.00
 
RecommendationBased on the charts and explanations above our opinion is buying gold around 1638.00, targeting 1653.00, 1680.00 and 1700.00 and stop loss with 4-hour closing below 1624.00 might be appropriate.