Morning Report

Yesterday's daily closing has been able to form a hanging man candlestick pattern that may confirm the bearish harmonic AB=CD formation. Thus, the intraday outlook is to the downside,supported by the slant negative divergence; appearing on OsMA while RSI 14 which is presently valued at 75.00 supports this potentialbearish anticipation. Technical targets reside at 1104.00 zones and 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.

RecommendationBased on the charts and explanations above our opinion is, selling gold at 1145.00 targeting 1125.00 and stop loss above 1157.00 might be appropriate