Morning report

Gold has placed a temporarily low at 1115.00 under the negative pressure of our short term captured [c] wave for the previous explained Elliott sequence that started at 1026.00 zones, seen on the above four-hour chart. The secondary image shows the negative candlesticks structure, which encourages us to keep our overview to the downside over intraday basis, targeting the areas of 1090.00 that represent the technical target of the wave.

The trading range for today is among the key support at 1070.00 and key resistance now at 1185.00.

The general trend is to the upside as far as 865.00 remains intact with targets at 1249.00.

 
Support1122.001115.001111.001107.001102.00
 
Resistance1130.001137.001142.001152.001155.00
 
RecommendationBased on the charts and explanations above our opinion is, selling gold from 1130.00 targeting 1102.00 and stop loss above 1152.00 might be appropriate.
 

Forex Trader Library
Receive over 15 hours (8 CD's) of our best Forex trading education in one package! Containing the newest Advanced Forex CD, this education pack focuses on exactly what you need to know to become a successful Forex Trader.