GOLD REPORT

A report from Standard Bank said that the market is expected to remain confined to a broad near-term trading range between $845/oz and $954.5/oz.
"A neutral view is expressed within the described parameters, but our primary view is for the short-term bear trend - from $1,030.8/oz - to establish a support base around $845/oz," added the Standard Bank Report.
The report advises traders to enter into long positions towards the lower end of the range.
"A secondary support band exists between $860/oz and $858.5/oz, while the $905/oz to $908.7/oz area is highlighted as an important interim resistance zone - gold strength above this area will initiate a move towards $935," said the report.
The report forecasts gold to strengthen beyond the levels of $954.50/oz, indicating the recommencement of the primary bull trend. With such a development yielding, an eventual move beyond $1,030.80/oz is expected, with a target of at least $1,055/oz.
"The market would be expected to advance into the $1,080/oz to $1,120 area/oz," added the report.
A sell signal would be triggered through $837/oz, exposing the yellow metal to $785/oz to $765/oz support zone, but the weaker bias may falter at the 52-week moving average, the report concluded.