Gold has approached the detected technical target of yesterday's explained harmonic scenario. After that, it found a solid support around SMA 50 that took it towards the full correctional Fibonacci level as seen on the provided four-hour chart. Today's expected direction could be to the downside but not before achieving a stable move below 1162.00-1158.00 zones. The candlesticks formation and the signs on the indicators support our overview.
The trading range for today is among the key support at 1137.00 and key resistance now at 1187.00.
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 ReportSupport1162.001158.001155.001152.001149.00Resistance1166.001169.001172.001176.001183.00RecommendationBased on the charts and explanations above our opinion is, selling gold with a breakout below 1162.00 targeting 1137.00 and stop loss above 1183.00 might be appropriate.