Morning Report

Gold didn't show big moves since the opening of this week but the secondary four-hour chart shows that, it is approaching the resistance line of the descending channel while indictors are moving inside overbought zones. Thus; the bigger harmonic picture of the bearish butterfly pattern is still favor and potential downside movements could be seen over intraday basis.

The trading range for today is among the key support at 1074.00 and key resistance now at 1137.00.

The general trend over the short term basis is to the downside, targeting $ 1025.00 per ounce as far as areas between 1225.00 and 1249.00 remain intact.

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RecommendationBased on the charts and explanations above our opinion is, selling gold from 1112.00 targeting 1092.00 and stop loss above 1127.00 might be appropriate