Yesterday we pointed out that after the fall, we expect to see volatility in the markets. After yesterday's decline, the metal rebounded back to the upside before slightly dropping today during the early session. Gold is now seen to enter a sideways channel between the 880 and 830 levels to complete the bearish trend. Today we could also see slight inclines but we don't expect it to affect the short term trend. The short term downside trend will be reversed only if we see a successful breakout of the 890.55 level.
The trading range for today is among the key support at 820.90 and the key resistance at 890.55
The general trend is to the downside as far as 934.00 remains intact with targets at 649.20 and 615.60