Finally, gold has breached the sensitive areas of 1074.00 with the third technical attempt. This collapse has activated another breakout below the daily uptrend line under the negative pressure of SMA 50 and SMA 100. Thus; we see that potential bearishness is to be seen on the intraday basis as the negative technical influence of the bearish harmonic AB=CD pattern is to continue.
The trading range for today is among the key support at 1015.00 and key resistance now at 1107.00.
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 1068.00 targeting 1045.00 and stop loss above 1085.00 might be appropriate.|