Morning Report

Gold has been capable of achieving the expected bearishness, mentioned in yesterday's reports. Currently, stabilizing below SMA 50 alongside the bearish candlesticks formations opened the door up for additional negative movements towards 261.8% Fibonacci from (A) wave, to resume the suggested Elliott sequence. This technical objective of (C) wave is valued at 1074.00 zones. Thereby, potential downside actions could be witnessed over intraday basis.

The trading range for today is among the key support at 1052.00 and key resistance now at 1128.00.

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 1095.00 targeting 1074.00 and stop loss above 1113.00 might be appropriate.