Morning report

Three dollars separated between yesterday's recorded low of 1051.00 and our first detected technical target of the internal [C] wave of our captured Elliott sequence-check the analysis here-. Now, further declines are to be witnessed over the intraday basis, particularly after breaching the harmonic uptrend line of the hourly bearish formation as shown on the secondary image. AROON up has penetrated the value of 70.00 downwards, supporting our scenario which is targeting 1025.00 areas.

The trading range for today is among the key support now at 1009.00 and key resistance now at 1100.00.

The general trend is to the upside as far as 865.00 remains intact with targets at 1129.00.

RecommendationBased on the charts and explanations above our opinion is, selling gold from 1058.00 targeting 1042.00 and stop loss above 1071.00 might be appropriate.