Friday's candlestick pattern -bearish engulfing- proved the strong resistance that gold has met at 127% Fibonacci level for the BC leg of the duplicated bearish harmonic formation on the daily basis. Therefore, further negative actions could be seen during this week, supported by the negative signs appearing on momentum and trend indicators.
The trading range for this week is among the key support at 1085.00 and key resistance now at 1183.00.
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.
