Our previous explained short term Elliott sequence came back into focus. The metal is controlled via a bearish channel that's organizing the descending actions of the suggested [C] wave. Depending on this scenario, we believe that gold is preparing for additional bearishness over intraday basis, targeting the areas between 1104.00 and 1090.00. The candlesticks formation on the hourly interval-secondary image- supports our negative overview.
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.
|Recommendation||Based on the charts and explanations above our opinion is, selling gold from 1127.00 targeting 1104.00 and stop loss above 1145.00 might be appropriate.|
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