Morning Report

Gold has declined, breaching the awaited initial support level of 1128.50 zones; presently coming beneath 76.4% Fibonacci level, alongside the bearish candlestick formation which has activated yesterday's explained negative divergence. After breaching the harmonic uptrend line, the path is cleared for additional downside movements on the intraday basis. Note that areas of 1128.00-broken support- might be re-tested first before activating our negative scenario.

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.

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling gold from 1125.00 targeting 1100.00 and stop loss above 1144.00 might be appropriate.