As we mentioned yesterday the broken trend of the diagonal should be retested before resuming the medium term downtrend but we've to be cautious as the stability of the price above 907.00( 161.8 %) Fibonacci of the harmonic pattern might be able to lead gold to retest the critical areas around 930.00; hence our intraday technical outlook is still bearish unless (930.00-935.00) areas remain unbroken. The Stochastic supports our outlook.
The trading range for today is among the key support now at 872.00 and key resistance now at 952.00 areas.
The general trend is to the downside as far as 934.00 remains intact with targets at 649.20 and 615.60
|According to our analysis, we believe that it is good to sell gold with a four hour close below 907.00 with targets at 890.00 and stop loss with a four hour close above 920.00.|