Morning report

Gold has respected the daily bearish harmonic scenario, reaching the first projected technical target around 984.00 zones. Now, we see that it has been capable of breaching the bullish channel of the momentum while forming consecutive negative candlestick structure that helps us to say that the path is cleared towards the second technical target of the CD leg at 966.00 zones. Hence our overview will be to the downside on the intraday basis, supported by the bearish structure of the four-hour time frame as seen on the secondary image.

The trading range for today is among the key support now at 952.00 and key resistance now at 1025.

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 990.00 targeting 974.00 and stop loss above 1003.00 might be appropriate.