Morning report

According to our captured Elliott sequence over short term basis, seen on the four-hour chart we believe that gold is presently placing wave [B] and wave [C] is to start from the pivotal resistance areas around 1182.00-1185.00 zones,targeting 1094.00 areas. Henceforth, potential downside movements are to be witnessed over intraday basis, supported by bearish candlesticks formation while RSI 9 is turning lower. 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 1180.00 targeting 1162.00 and stop loss above 1196.00 might be appropriate.