Morning Report

Gold has breached the minor uptrend line-colored in green-, closing below the previous explained key support levels of [1090.00-1088.00]. Consequently, the path is cleared towards the second technical objective at 1048.00. Thereby, we believe that the bearishness obtained from our caught AB=CD pattern according to our harmonic studies is to continue over intraday basis.

The trading range for today is among the key support at 1045.00 and key resistance now at 1132.00.

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

Deeper analysis-click here-.

RecommendationBased on the charts and explanations above our opinion is, selling gold from 1086.00 targeting 1065.00 and stop loss above 1104.00 might be appropriate.

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