Morning Report

Gold is declining gradually from the 76.4% Fibonacci level for the wave that started at 1130.0 and was bottomed out at 1088.00. The candlestick formation alongside overbought signs appearing on the indicators argues us to say that, bearish actions could be seen over intraday basis. The suggested Elliott count supports this awaited bearishness while a break of 1111.00 is urgently needed to activate today's negative scenario.

The trading range for today is among the key support at 1085.00 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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RecommendationBased on the charts and explanations above our opinion is, selling gold with a breakout below 1111.00 targeting 1095.00 and stop loss above 1124.00 might be appropriate.