Morning Report

Gold couldn't stabilize below the neckline of our caught head and shoulders top pattern until now but it is still moving below SMA 50-colored in red- as seen on our provided daily chart. The secondary image of the four-hour interval shows a negative crossover on Stochastic. Thereby, we believe that the metal might prepare to show bearish actions over intraday basis.

The trading range for today is among the key support at 1075.00 and key resistance now at 1132.00.

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

Weekly Report Previous Report

RecommendationBased on the charts and explanations above our opinion is, selling gold with a breakout below 1098.00 targeting 1075.00 and stop loss above 1117.00 might be appropriate.