Morning report

Gold has declined sharply, reaching the detected technical target of our yesterday's analysis-check the analysis here-. The daily formation helps us to say that additional bearishness is underway for the time being as the technical target of our captured duplicated bearish harmonic pattern resides around 965.00 zones. A slight correction towards 1001 zones is needed before resuming the bearish rally and this upside movement will be seen as a correction inside the major negative direction. Hence we keep our intraday overview to the downside. Indicators support our anticipation.

The trading range for today is among the key support now at 956.00 and key resistance now at 1035.

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 1001.00 targeting 982.00 and stop loss above 1017.00 might be appropriate.