After inclining towards 1140.00 zones, gold achieved downside actions towards 1130.00 areas during the Asian session while forming bearish candlestick formation along with heavy negative divergence as seen on the four-hour chart. These movements proved the solidity of the resistance areas around 1140.00 zones -check the weekly report-. Coming beneath 1128.50-1126.00 is needed to confirm that, it was just a false breakout above 76.4% Fibonacci zones. Thus; potential bearish actions might occur over intraday basis, but 1144.00 shouldn't be breached otherwise the outlook is to be changed to the upside.
The trading range for today is among the key support at 1095.00 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 with a breakout below 1128.00 targeting 1107.00 and stop loss above 1144.00 might be appropriate.|