After reaching our defined objective of the suggested fifth wave at 1172.00-check the analysis here-, we believe that gold is preparing to activate the corrective structure [A-B-C] for the short term Elliott wave as seen on the provided four-hour chart. Thereby potential downside movements are highly anticipated over intraday basis, particularly if the metal succeeded to breach the pivotal support areas of 1160.00. Note that, areas of 1182.00 should hold to protect our speculation.
The trading range for today is among the key support at 1104.00 and key resistance now at 1212.00.
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 1169.00 targeting 1152.00 and stop loss above 1182.00 might be appropriate.|