Gold has been trapped yesterday between the initial support at 907.00 and initial resistance at 930.00 but actually there is no clear sign that can identify a specific direction as the volatility was too high during the previous sessions but as the price failed to settle above (930.00) 38.2% Fibonacci of the whole decline started at 1006.00 once more while Camarilla studies on the hourly chart show that its battling the pivot point. Hence we expect that gold will move to the downside today under the pressure of Ichimoku cloud and Gator oscillator indicators as shown on the 4h chart. This negative overview on the intraday basis will not be changed unless a clear break out occurs above 940.00
The trading range for today is among the key support now at 892.00 and key resistance now at 963.00.
The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.
|According to our analysis, we believe that it is good to sell gold at 918.00 with targets at 896.00 and stop loss at 936.00.|