Morning Report

Gold succeeded in activating the previous explained bearish harmonic formation, collapsing from 161.8% Fibonacci level. The secondary daily chart proves the solidity of the aforesaid level. Now, the correction of this bearishness might continue towards 1113.00 before showing potential downside movements towards the second technical target of the harmonic structure at 1093.00 zones.

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, selling gold from 1113.00 targeting 1093.00 and stop loss above 1128.00 might be appropriate