Morning report

The technical target for yesterday has been reached at 982.00-check it here-, where the metal has corrected the last decline at 38.2% Fibonacci level as seen on the above four-hour chart. Now, gold is to incline mildly over the 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.

RecommendationBased on the charts and explanations above our opinion is, buying gold from 1001.00.00 targeting 1013.00 and stop loss below 990.00 might be appropriate.