Depending on the Elliott cycle which we used to explain goldâ€™s move during the last week we can notice on the above chart that the price action respected this count by moving to the upside reaching 38.2% Fibonacci which represents the upper line of the descending channel. We expect that the price will retrace forming the second wave of the medium term (This expected retrace might be limited at 61.8% Fibonacci of the last rise at 915.00-916.00 areas)before resuming the upside rally of the expected (B) leg. RSI, MACD traditional and GATOR supports our intraday bearish scenario.
The trading range for today is among the key support now at 900.00 and key resistance now at 974.00 level.
The general trend is to the upside as far as 896.00 remains intact with targets at 1035.00 and 1060.00
|According to our analysis, we believe that it is good to sell gold with a four hour close below 933.00 with targets at 918.00 and stop loss with a four hour close above 945.00.|