A negative divergence has been completed, accompanied by a bearish crossover appearing on Stochastic might confirm that the suggested B wave is placed. Therefore, possible negative actions could be seen over intraday basis under the negative pressure of SMA 50 and 76.4% Fibonacci level for the last declines from 1162.00 to 1123.00 zones.
The trading range for today is among the key support at 1122.00 and key resistance now at 1174.00.
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 ReportSupport1144.001140.001137.001132.001127.00Resistance1149.001152.001155.001158.001162.00RecommendationBased on the charts and explanations above our opinion is, selling gold from 1149.00 targeting 1127.00 and stop loss above 1162.00 might be appropriate.