Mid-day report

Gold couldn't make any bounce and continued the previous discussed bullishness as the positive pressures from the yesterday's long white candle continues providing the chart with a harmonic structure with a target around 996.00 and may extend further towards 1006.00. Therefore, the intraday outlook now is to the upside but not before a slight retrace to test the breached resistance line for the triangle.

The trading range for today is among the key support now at 945.00 and key resistance now at 1015.

The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.



Support979.00972.00966.00960.00956.00
Resistance988.00996.001000.001006.001015.00
RecommendationBased on the charts and explanations above our opinion is, buying gold from 979.00 targeting 995.00 and stop loss below 966.00 might be appropriate.