Morning report

The declining actions that occurred yesterday proved that the bigger picture of the bearish duplicated harmonic pattern is negatively pressuring it. The daily closing below 127% Fibonacci level of [XA] leg supports the negative anticipation over the short term basis. RSI 14 and AROON indicators are giving negative signs. In addition to that, the metal is moving below the H3 level and pivot point as seen on the secondary image of Camarilla studies. Therefore we think that further bearishness is to be activated over the intraday basis.

The trading range for today is among the key support now at 976.00 and key resistance now at 1060.

The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1044.00.

RecommendationBased on the charts and explanations above our opinion is, selling gold from 1012.00 targeting 998.00 and stop loss above 1023.00 might be appropriate.