A dark cloud candlestick pattern has been formed on the four-hour charts, supporting the technical idea that, the metal could activate potential downside actions over intraday basis as the bearish harmonic effect of the AB=CD pattern is still in favor. Indicators support this overview, particularly Stochastic with its harmonic structure.
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.