Gold is still trapped within a very tight range and actually this is the nature of the corrective waves, particularly the B wave. Hence we hold onto our yesterday's anticipation which is basically based on Elliott waves. Carefully note that, areas of 1152.00 should hold to protect the possible bearish scenario of wave C, while a break of 1138.00 is needed to confirm this outlook.
The trading range for today is among the key support at 1117.00 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 ReportSupport1140.001137.001132.001127.001122.00Resistance1144.001146.001152.001155.001162.00RecommendationBased on the charts and explanations above our opinion is, selling gold with a breakout below 1138.00 targeting 1117.00 and stop loss above 1153.00 might be appropriate.