Gold is still slightly activating the upside correction for the downside rally that started from the historical high around 1225.00 to the temporarily bottom of 1074.00. This correction is expected to reach the pivotal resistance areas of 1117.00, where the negative pressure obtained from the bearish harmonic AB=CD pattern is to start, targeting 1048.00-38.2% Fibonacci of CD leg. Therefore we keep our outlook to the downside on the intraday basis. Negative signs of the hourly interval-secondary image- support our overview.
The trading range for today is among the key support at 1048.00 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-.
Based on the charts and explanations above our opinion is, selling gold from 1117.00 targeting 1095.00 and stop loss above 1132.00 might be appropriate.
Forex Trader Library Receive over 15 hours (8 CD's) of our best Forex trading education in one package! Containing the newest Advanced Forex CD, this education pack focuses on exactly what you need to know to become a successful Forex Trader.