Morning report

Gold has reached our yesterday's mid-day report anticipated target of the bullishness around 996.00-check it here-, from the mentioned areas a retracement is expected on the intraday basis, based on the harmonic bearish structure which supposed to force the metal to test the resistance line of the triangle around 976.00 areas before resuming the major short term upside direction. RSI 14 supports the expected bearishness for today.

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.

RecommendationBased on the charts and explanations above our opinion is, selling gold from 992.00 targeting 978.00 and stop loss above 1004.00 might be appropriate.