Morning Report

Gold is moving within the same treading range and even the mild upside correction occurred in the evening yesterday couldn't take the metal to stabilize above the pivotal resistance areas of 1127.00. Thus; we still see chances for achieving possible bearish actions over intraday basis, based on the bigger picture harmonic formation Butterfly inside the descending channel. The secondary image shows a negative sign on Stochastic of the four-hour interval, supporting our overview.

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 1124.00 targeting 1102.00 and stop loss above 1140.00 might be appropriate.