Morning Report

In line with our with our yesterday's suggested scenario, gold inclined aggressively, where it has been very close to the extreme detected technical objective of 1156.00 zones-weekly report target-. Now, the bearish harmonic effect of the AB=CD pattern might start over intraday basis, supported by the negative signs appearing on indicators. Technical targets reside at 1133.00 followed by 1127.00.

The trading range for today is among the key support at 1122.00 and key resistance now at 1162.00.

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

Support1140.001137.001132.001127.001122.00
Resistance1149.001152.001156.001158.001162.00
RecommendationBased on the charts and explanations above our opinion is, selling gold from 1148.00 targeting 1127.00 and stop loss above 1163.00 might be appropriate.