Gold is now trading below the 61.8% Fibonacci level at 856.00 as shown on the chart; despite breaching the key resistance of the descending channel as a recovery progress for the downside wave within the mentioned channel so that the medium term outlook didn't change. As we notice, there are some kinds of pressure from the Ichimoku cloud indicator as the tenkan line of the indicator is stable inside the Span B line in addition to that there is a negative divergence formed clearly on the osMA indicator.
The trading range for today is among the key support at 820.00 and key resistance at 872.00
The general trend is to the downside as far as 934.00 remains intact with targets at 649.20 and 615.60
|Sell gold with a four hour close below 845.00 with targets at 833.00 and stop loss above 856.00|