After touching the initial resistance levels between 1183.00 and 1187.00, gold started to decline once more below 76.4% Fibonacci levels of XA leg for the bearish harmonic structure. This structure is still in favor, while the negative divergence could be more efficient if the metal hits 1172.00. From here, possible bearish actions could be witnessed over intraday basis.
The trading range for today is among the key support at 1155.00 and key resistance now at 1207.00.
The general trend over short term basis is to the downside, targeting 1025.00 per ounce as far as areas between 1225.00 and 1249.00 remain intact.
Weekly Report Previous Report
Support 1176.00 1172.00 1169.00 1166.00 1158.00
Resistance 1183.00 1187.00 1196.00 1200.00 1203.00
Recommendation Based on the charts and explanations above our opinion is, selling gold from 1183.00 targeting 1158.00 and stop loss above 1196.00 might be appropriate.
