Touching the minor uptrend line-colored in green- has resulted in some kind of bounce towards the key resistance level of 1120.00, but we see hoe the metal is moving within a very tight range. The secondary image of the hourly interval shows that, gold is loosing the upside momentum gradually. Thereby, potential downside actions to resume the recently established bearishness that started from the recorded historical high of 1225.00 are to be witnessed over intraday basis under the negative pressure of the bearish harmonic AB=CD pattern.
The trading range for today is among the key support at 1045.00 and key resistance now at 1160.00.
The general trend is to the upside as far as 865.00 remains intact with targets at 1249.
Deeper analysis-click here-.
|Recommendation||Based on the charts and explanations above our opinion is, selling gold from 1115.00 targeting 1095.00 and stop loss above 1130.00 might be appropriate|