In line with our suggested Elliott scenario, gold succeeded in placing the first corrective wave A at 1123.00 zones. Now, we believe that the B wave is in progress, while it is presently facing 38.2% Fibonacci level for the declines from 1162.00 to 1123.00. Note that, the B wave might extend towards 61.8% at 1146.00. We wait for developing the potential bearish C wave over intraday basis. SMA 50 which meets 76.4% at 1152.00 should hold to protect our anticipations.
The trading range for today is among the key support at 1117.00 and key resistance now at 1155.00.
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
Eye on GoldSupport1132.001127.001122.001117.001111.00Resistance1138.001142.001144.001146.001152.00RecommendationBased on the charts and explanations above our opinion is, selling gold from 1138.00 targeting 1117.00 and stop loss above 1153.00 might be appropriate.