After achieving the awaited bullishness which we discussed yesterday, gold has faced the pivotal resistance areas of 1144.00 that played the role of potential reversal zones PRZ for a bearish harmonic AB=CD pattern. Consequently today's direction could be bearish, targeting the previous broken support levels of 1123.00 and might extend further towards 1114.00. Stochastic supports this negative speculation.
The trading range for today is among the key support at 1109.00 and key resistance now at 1162.00.
The general trend is to the upside as far as 865.00 remains intact with targets at 1249.00.
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|Recommendation||Based on the charts and explanations above our opinion is, selling gold from 1137.00 targeting 1114.00 and stop loss above 1155.00 might be appropriate.|