Morning Report

The bearishness stopped in areas around 1624.00, which supports our suggested harmonic scenario to remain valid since the pair is still stable above the main resistance of the downside movement which started at 1790.00 and ended at 1612.00. The formation of the bullish candlesticks shown above on the minor image also supports us to hold onto our positive expectations, yet consolidation above 1624.00 is necessary for our expectations to prevail.

The trading range for today is among the key support at 1580.00 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

 
Support1632.001628.001624.001608.001598.00
 
Resistance1638.001645.001650.001654.001662.00
 
RecommendationBased on the charts and explanations above our opinion is buying gold above 1632.00, targeting 1681.00, 1680.00 and 1700.00 and stop loss with 4-hour closing below 1624.00 might be appropriate.