Gold is moving according to our expected scenario of yesterday's midday report as the effect of the pattern we talked about is still in progress towards the first target of the pattern at 879.00, so that our bearish outlook didn't change and further decline is still expected to the next target level at 870.00 areas. No doubt that a clear break of which will accelerate the downside correctional wave to retest 856.00-845.00 (Medium term cluster support area (our bearish outlook is supported by Negative signs appearing on Gator Oscillator indictor.
The trading range for today is among the key support at 845.00 and key resistance now at 935.00 areas.
The general trend is to the downside as far as 934.00 remains intact with targets at 649.20 and 615.60
|We'll support our yesterday's position & we'll sell gold again with a four hour close below 879.00 with targets at 860.00 and stop loss with a four hour close above 893.00|