Gold has moved downwards aggressively, reaching our first detected technical objective, mentioned in our weekly report at 1106.00 zones. It is currently correcting after touching the lower line of the descending channel. We expect that, this correction is to be limited around 1118.00 zones before moving to the downside once more towards the second technical target of the major bearishness at 1095.00 zones. The proposed Elliott cycle supports our overview.
The trading range for today is among the key support at 1074.00 and key resistance now at 1162.00.
The general trend is to the upside as far as 865.00 remains intact with targets at 1249.00.
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|Recommendation||Based on the charts and explanations above our opinion is, selling gold from 1118.00 targeting 1095.00 and stop loss above 1135.00 might be appropriate.|