Gold dropped from the start of today's trades; despite of the gap up. However, at the same time 11850.00 must remain intact so the bearish direction may prevail over an intraday short term basis. Today, we expect a downside move where crude will presently attempt to remain below the bullish direction's main support; whereas the ADX indicator shows a bearish trend alongside the RSI leaning towards a descend. For more about technical gold and a deeper look (click here).
The trading range for today is among the key support at 1132.00 and the key resistance at 1235.00.
The general trend is to the downside as far as 865.00 remains intact with targets at 1235.00.
|Recommendation||Based on the charts and explanations above our opinion is selling gold from 1173.00 targeting 1165.00 and stop loss above 1185.00, might be appropriate.|