Morning report

Gold has inclined sharply, respecting the nature of the impulsive fifth wave. From this recorded high around 1195.00 we believe that, the corrective action is to start, supported by the negative divergence appearing on the OsMA , seen on the provided four-hour chart. Therefore we expect potential downside movements over intraday basis. For more details and deeper outlook-Click here-.

The trading range for today is among the key support at 1132.00 and key resistance now at 1235.00.

The general trend is to the upside as far as 865.00 remains intact with targets at 1235.00.

RecommendationBased on the charts and explanations above our opinion is, selling gold at 1194.00 targeting 1177.00 and stop loss above 1207.00 might be appropriate.