Midday Report

Affected by the negative divergence that was discussed in our morning report, gold has declined aggressively activating the anticipated negative scenario, which is based on the Elliott sequence over short term basis. The downside moves during the previous session have also activated daily RSI 14 to signal a bearish scenario. Hence, we will keep our outlook to the downside for the rest of the day.

The trading range for today is among the key support now at 952.00 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