Mid-day report

The 38.2% Fibonacci level is supporting the metal strongly today as we discussed in our morning analysis. Gold is to incline mildly over intraday basis towards the resistance line of the ascending channel. These inclines are awaited to clear the path for the internal fifth wave of the bigger third to be completed around 1013.00 zones.

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.