Morning Report

Gold is moving below 1119.00 zones while facing the upper line of the descending channel as seen on the provided four-hour chart. Thus; we think that the metal is seeking for a confirmation sign to activate the bearish harmonic formation. Consequently, the price actions around the current levels between 1111.00 and 1118.00 should be watched out carefully despite the overbought signs that are appearing on CCI and Stochastic. To recap, our outlook is neutral over intraday basis.

The trading range for today is among the key support at 1074.00 and key resistance now at 1144.00.

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-.

RecommendationBased on the charts and explanations above our opinion is to avoid trading awaiting more confirmation signs for the metal's direction, might be appropriate.