After the panic sell-off actions which took gold towards our yesterday's detected technical target at 1095.00-check this analysis here-, the movements became very slow. Gold is presently facing 38.2% Fibonacci level of the suggested CD leg for the bearish harmonic AB=CD and facing minor uptrend line-colored in green-. Thus a break of which is needed to confirm the continuation of the bearishness towards the second technical target around 1048.00 zones. We believe that, moving steadily below EMA 50 is to help it to breach these critical levels. Thus; we keep our intraday outlook to the downside on the intraday basis.
The trading range for today is among the key support at 1045.00 and key resistance now at 1144.00.
The general trend is to the upside as far as 865.00 remains intact with targets at 1249.00.
Deeper analysis-click here-.
|Recommendation||Based on the charts and explanations above our opinion is, selling gold with a breakout below 1088.00 targeting 1065.00 and stop loss above 1108.00 might be appropriate.|
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