Morning Report

Gold approached the first technical objective at 1123.00 as seen on the provided four-hour chart, where it succeeded to meet the lower line of the recently established bearish channel. Now, this aforesaid channel is organizing the movements for the time being and we believe that the bearish harmonic AB=CD pattern still has southern targets to be reached. Henceforth, potential downside actions could be witnessed over intraday basis.

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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RecommendationBased 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.