Morning Report

Gold is still declining sharply under the negative pressure obtained from TEMA and DEMA indicators, seen on the provided four-hour chart. The bearish candlestick formation proves the strong bearish trend, which still has downside targets to be reached to complete the IM (impulsive) wave of our detected Elliott sequence.

The trading range for today is among the key support at 1052.00 and key resistance now at 1122.00.

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 1083.00 targeting 1060.00 and stop loss above 1102.00 might be appropriate.