Gold has been capable of forming a bearish harmonic AB=CD pattern as seen on the provided daily chart. Now, gold is hitting the key support level of 1142.00, which represents the extreme target of CD leg[261.8% Fibonacci level of BC]while RSI 14-currently valued at 73.00- shows that it's in a definite need for pullback. Therefore the intraday outlook is to the downside, supported by the slant negative divergence appearing on OsMA. Technical target of the aforesaid pattern resides at 1104.00 followed by 1074.00.
The trading range for today is among the key support at 1104.00 and key resistance now at 1163.00.
The general trend is to the upside as far as 865.00 remains intact with targets at 1212.00.
|Recommendation||Based on the charts and explanations above our opinion is, selling gold at 1142.00 targeting 1123.00 and stop loss above 1155.00 might be appropriate.|