Morning Report

Gold has closed successfully below the neckline of our caught head and shoulders top pattern, offering the possibility for achieving additional bearishness over intraday and short term basis. Bears powers are increasing gradually, supporting this negative classical overview.

The trading range for today is among the key support at 1058.00 and key resistance now at 1117.00.

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.

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RecommendationBased on the charts and explanations above our opinion is, selling gold from 1090.00 targeting 1066.00 and stop loss above 1109.00 might be appropriate.