Gold has been able to form a bearish harmonic structure as seen on the provided four-hour chart. Thus; we believe that yesterday's inclines should be treated as a normal corrective action and in order to gather the momentum it needs to activate the previous explained bearish bigger picture. Indicators support the potential downside movements for today, but on the other hand areas of 1118.00 shouldn't be breached to keep our scenario valid.
The trading range for today is among the key support at 1060.00 and key resistance now at 1137.00.
The general trend is to the upside as far as 865.00 remains intact with targets at 1249.00.
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Deeper analysis for gold -click here-.
|Recommendation||Based on the charts and explanations above our opinion is, selling gold from 1105.00 targeting 1088.00 and stop loss above 1118.00 might be appropriate.|