Morning Report

The bearish candlesticks structures appearing on our provided four-hour chart indicate that, the metal might have placed the fifth wave of our previous explained IM formation. Therefore, possible bearishness could be seen today to start the corrective waves [A-B-C], supported by negative signs appearing on momentum indicators.

The trading range for today is among the key support at 1102.00 and key resistance now at 1144.00.

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

Support1125.001122.001117.001111.001109.00
Resistance1132.001137.001140.001142.001144.00
RecommendationBased on the charts and explanations above our opinion is, selling gold from 1128.00 targeting 1109.00 and stop loss above 1144.00 might be appropriate.