Morning Report

Breaching areas of 1763.00 supported gold to move strongly higher to negate our negative expectations for today. Stochastic shows heavy overbought signals that might trigger the downside correction, yet assessing the chart above, we can see gold stable above top C of the double harmonic pattern. Stability above 1763.00 might cause an upside move to test the horizontal resistance areas at 1794.00 and a breach of which will support the move towards the extended target at 127.2% at 1828.00. Therefore, according to the harmonic expectations we see valid chances for the metal to move higher with steady trading above 1735.00 and preferably 1763.00.  

The trading range for today is among the key support at 1705.00 and key resistance now at 1794.00.

The short-term trend is to the upside targeting 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.

• Gold Pressured By Bearish Outside Markets   (2016-11-01 03:50:56)
• Trend Down Under at 1360.00 and 1347.00 1332.00 targets 1370.00 as long as they do not violate   (2016-07-12 17:27:51)
• Direction: neutral   (2016-07-01 16:54:07)
• Direction: neutral   (2016-06-30 15:17:32)
• Direction: Bullish above 1303.00, targeting 1365.00 and 1400.00 as long as the price trading above 1290.00   (2016-06-30 05:32:18)
• Direction: Bullish above 1317.00, targeting 1365.00 and 1400.00 as long as the price trading above 1290.00   (2016-06-28 05:40:46)
• Direction: Bullish above 1303.00, targeting 1365.00 and 1400.00 as long as the price trading above 1280.00   (2016-06-24 20:25:31)
• Direction: Bearish below 1263.00, targeting 1250.00 and 1239.00 as long as the price trading below 1282.00   (2016-06-23 19:20:37)
• Direction: Bearish below 1262.00, targeting 1252.00 and 1240.00 as long as the price trading below 1280.00   (2016-06-22 14:56:10)
• Direction: neutral   (2016-06-20 20:28:46)