With a break of 1210.00 yesterday, the classical pattern which was discussed yesterday couldn't be formed and that is why we said yesterday that a breakout below 1192.00 was needed. Let us discuss the suggested Elliott count over the same four hour interval. Actually, we are facing a very sensitive case as the IM wave from 1265.00 to 1156.00 was clear but the current corrective "A-B-C" structure is not clear but anyway, there are levels are awaited to activate a big reversal action. First, 61.8% of the IM at 1224.00 and second, 76.4% of IM at 1239.00 and now eight dollars separate betweencurrent price of goldand 61.8%, while a bearish harmonic pattern was formed on Stochastic so our outlook will be neutral today to watch out the price behavior around the aforesaid levels.
The trading range for today is among the key support at 1192.00 and key resistance now at 1235.00.
The general trend over short term basis is to the upside, targeting 1365.00 per ounce as far as areas of 1120.00 remain intact.
