The daily candlestick formation -secondary image- has been able to confirm the bearish pressure of our detected internal [c] wave. Hence gold has collapsed downwards, reaching the technical target of yesterday's report-check the analysis here-. On the second subsidiary image we can see the internal count of the third wave which shows that the metal is anticipated to form the internal 4th of thethirdinside the five waves sequence. The intraday outlook is to be kept to the downside.
The trading range for today is among the key support at 1000.00 and key resistance now at 1085.00.
The general trend is to the upside as far as 865.00 remains intact with targets at 1129.00.
|Recommendation||Based on the charts and explanations above our opinion is, selling gold from 1047.00 targeting 1025.00 and stop loss above 1060.00 might be appropriate.|