Gold is trying again to breach the (899.00) 23.6% Fibonacci once more below the trend line and below the TEMA line which is valued now at 901.50 influenced by the MACD traditional indicator's signal, AROON and Alligator's clear negative sign. As we expected in our yesterday's reports, the medium term outlook is still bearish as far as 930.00 areas remains intact . Gold doesn't have enough upside momentum that changes today's bearish outlook.
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 896.00 with targets at 880.00 as a first target followed by 873.00 and stop loss with a four hour close above 912.00|