Gold is trapped in a tight range since our morning report was published showing that it doesn’t have enough momentum to incline more as the overbought signs appeared on the stochastic, CCI and William indicators is in need of relief due to the potential reversal zone which is still under construction around 914.00-916.00 zones but we notice that the volume is very low for the time being ahead of the weekly close. Anyhow nothing can make our analysis invalid except a breakout occurs above the cluster resistance areas around 925.00.
The trading range for today is among the key support now at 876.00 and key resistance now at 952.00.
The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00 .
|Recommendation||Our morning position is still valid.|