Gold has reached our second anticipated technical target of 161.8% at 1040.00 zones -check the analysis here- which represents the completion of the harmonic pattern as seen on the provided four-hour chart. Now, we can't ignore that the harmonic structure is originally bearish, therefore we see that the intraday outlook is to the downside, targeting $ 1019.00 per ounce based on the aforesaid pattern in addition to the negative signs appearing on the [RSI-RVI combination] and Stochastic indicators.
The trading range for today is among the key support now at 1000.00 and key resistance now at 1074.00.
The general trend is to the upside as far as 820.00 remains intact with targets at 1074.00.
|Recommendation||Based on the charts and explanations above our opinion is, selling gold from 1040.00 targeting 1024.00 and stop loss above 1053.00 might be appropriate.|