From yesterday's defined level of 1128.00, gold declined sharply activating our previous explained four-hour Elliott count, taking it to the technical objective at 1108.00-check yesterday's report-. Now, the negative harmonic AB=CD structure of the daily charts shows how gold has been able to breach the uptrend line and additional bearishness could be seen over intraday basis. Note that, 1114.00 zones might be tested before resuming the downside rally.
The trading range for today is among the key support at 1075.00 and key resistance now at 1137.00.
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 1114.00 targeting 1095.00 and stop loss above 1128.00 might be appropriate.|