Morning Report

Breaching 39.25 levels forced us to be neutral as the bearish harmonic structure which we depended on it during the previous period has failed. In the interim, momentum indicators are showing clear overbought signs. If the metal succeeded in coming below 39.25 then stabilized below 38.68, the harmonic outlook will come back into focus, otherwise 39.85 and 40.20, followed by 40.95 might be visited.

The trading range for today is among the key support at 36.75 and key resistance now at 40.95.

The general trend over short term basis is to theupside,targeting 39.05 as far as areas of 30.80 remain intact with weekly closing.

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RecommendationBased on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.