Morning Report

In line with our yesterday's harmonic scenario, gold slipped affected by facing 127% Fibonacci level of XA leg as seen on our provided four-hour chart. Now, forming a bearish classical pattern around the above mentioned reversal levels is to add additional negative pressure and thus; we still see chances for additional bearish actions over intraday basis.

The trading range for today is among the key support at 1085.00 and key resistance now at 1127.00.

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 1107.00 targeting 1185.00 and stop loss above 1122.00 might be appropriate.