Gold found a support around the awaited areas between 1158.00-1155.00 as seen on the secondary image. This secondary image of the four-hour interval shows how the trading range was very tight during the Asian session, where the metal succeeded in forming a bearish candlestick structure. At the same time the bigger bearish harmonic structure is still in favor as indicators still trend downwards. Therefore, possible downside movements could be seen over intraday basis.
The trading range for today is among the key support at 1144.00 and key resistance now at 1196.00.
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 1169.00 1166.00 1162.00 1158.00 1155.00
Resistance 1176.00 1183.00 1187.00 1192.00 1196.00
Recommendation Based on the charts and explanations above our opinion is, selling gold with a breakout below 1172.00 targeting 1144.00 and stop loss above 1187.00 might be appropriate.
