Morning Report

Influenced by the bearish harmonic formation; gold has collapsed downwards, reaching the projected objective of yesterday's midday report. Yesterday's candlestick pattern -secondary image- encourages us to keep the bearish outlook over intraday basis. A slight upside correction might occur before activating this expected bearishness to relieve momentum indicators. This correction should be limited below 1144.00 zones.

The trading range for today is among the key support at 1095.00 and key resistance now at 1185.00.

The general trend is to the upside as far as 865.00 remains intact with targets at 1249.00.

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RecommendationBased on the charts and explanations above our opinion is, selling gold from 1134.00 targeting 1118.00 and stop loss above 1145.00 might be appropriate.