Morning report

The cluster resistance areas around 1141.00 has forced the metal to collapse downwards, reaching the projected objective of Friday's reports at 1115.00-check it here-. Now, we see how SMA 50-valued at 1108.00- has caused a slight bounce, but the bearish daily harmonic AB=CD pattern still has technical targets to be reached around 1090.00 zones-38.2% Fibonacci of CD leg. AROON supports the negative overview. To recap, we keep our intraday outlook to the downside.

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.

RecommendationBased on the charts and explanations above our opinion is, selling gold from 1127.00 targeting 1104.00 and stop loss above 1144.00 might be appropriate.

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