Gold is now trading below the 38.2% correction level at 834.00 as shown on the chart, and according to our previous technical report the downside wave within the descending channel is still in progress which indicates that the upward recovery has been already completed and limited below the 845.00 critical level which is also the 50% correction level. There is not enough upside momentum that helps us to change the bearish outlook as seen here on the stochastic, William % R and Gator oscillator indicators.
The trading range for today is among the key support at 801.00 and key resistance at 856.00
The general trend is to the downside as far as 934.00 remains intact with targets at 649.20 and 615.60
|We will hold our previous sell position ( sell gold with a four hour close below 831 with targets at 822.00 followed by 815.00 as a secondary target and stop loss with a four hour close above 847.00)|