Gold has inclined mildly, retesting the broken minor uptrend line-colored in green-. Actually, this re-testing action was needed to confirm the breakout and is seen as normal correction, particularly with low volume ahead of holidays. From here, we believe that gold might start resuming the bearish direction over intraday basis, protected by EMA 50 for the time being. The negative effect obtained fromthe bearish harmonic AB=CDpatternis to continue as far as 1112.00 zones remain unbroken.
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-.
|Recommendation||Based on the charts and explanations above our opinion is, selling gold from 1097.00 targeting 1075.00 and stop loss above 1112.00 might be appropriate.|