As we expected in our previous reports gold doesn't have enough momentum to move to the upside as most of the indicators still support the downside outlook in addition to the bearish candlesticks pattern which confirms our previous expected scenarios. Any break out that occurs below 889.00 as shown on the chart will help the downside correction wave to accelerate towards 879.00 followed by 870.00 (The 1st cluster support) that gold will face before deciding to resume a further expected decline.
The trading range for today is among the key support at 856.00 and key resistance now at 944.00 areas.
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 4h close below 890.00 with targets at 870.00 and stop loss with 4h close above 907.00|