Morning Report

Yesterday's expected bullishness has been stopped around 1133.00 zones, where the metal faced the upper line of the descending channel. The mixture between this classical resistance levels and the suggested harmonic structure Butterfly pattern of the weekly chart, which is explained in details in our weekly report- is expected to make a negative pressure. Therefore, potential bearish actions could be seen over intraday basis.

The trading range for today is among the key support at 1095.00 and key resistance now at 1144.00.

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 1123.00 targeting 1102.00 and stop loss above 1137.00 might be appropriate.