Gold is moving below one of the most critical points on the chart at 907.00 (cluster resistance turned support) and as we mentioned in our Friday's midday report that the bigger scenario of the harmonic pattern can make an extreme expansion to the 933.00 POTENTIAL REVERSAL ZONE (PRZ) as a target of (D) before correcting to the upside move. The point now is as far as we move upward the point of breaking the uptrend approaches and it's now at the areas of 902-900.00. A clear break of which will accelerate the correction scenario towards 851.00 areas as a first target of the bearish harmonic pattern.
The trading range for today is among the key support now at 856.00 and key resistance now at 945.00 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 a four hour close below 899.00 with targets at 884.00 as a first target followed by 873.00 and stop loss with a four hour close above 913.00|