Mid-day report

Gold has touched the key resistance level of 996.00 as we mentioned in our technical messages, where it started to show bearish actions, forming negative patterns on the hourly time scale. Therefore, we keep our outlook to the downside, depending on the morning discussed Elliott cycle. RSI and AROON support this prediction.

The trading range for today is among the key support now at 942.00 and key resistance now at 1035.

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

RecommendationOur mornig expectation is still valid