After discussing the bigger picture yesterday, the four-hour chart came back into focus. Gold is approaching the potential reversal zones for a bearish harmonic pattern, while CCI indicator shows an obvious overbought sign. Henceforth, we see chances for achieving negative actions over intraday basis. A breakout below 1115.00 is to accelerate this expected bearish scenario.
The trading range for today is among the key support at 1070.00 and key resistance now at 1160.00.
The general trend is to the upside as far as 865.00 remains intact with targets at 1249.00.
|Recommendation||Based on the charts and explanations above our opinion is, selling gold from 1123.00 targeting 1105.00 and stop loss above 1135.00 might be appropriate.|