Gold is still trapped between 1050.00 and 1055.00 while the momentum indicators show consecutive bearish signs. Therefore, we still see that it might be preparing for moving downwards to activate the short term Elliott sequence as seen on the above four-hour chart. For that the intraday outlook will be kept to the downside, particularly if it succeeded in breaching the key support level of 1042.00 while 1062.00 should act as a ceiling for the corrective scenario.
The trading range for today is among the key support now at 1006.00 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 1056.00 targeting 1042.00 and stop loss above 1064.00 might be appropriate|