Narrow range of trading controlled the dominated the movements during the past 2 days but let us say that, gold is approaching the detected PRZ-potential reversal zones- for the bigger bearish harmonic pattern of the daily basis between 1183.00 and 1187.00. Accordingly, we should watch out carefully the price behavior today to see if the negative divergence appearing on Stochastic will prevent it from reaching the aforesaid areas or the metal will touch theses levels before moving downwards. To recap, the outlook is neutral for today.
The trading range for today is among the key support at 1144.00 and key resistance now at 1196.00.
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
Support1169.001166.001162.001158.001155.00Resistance1176.001178.001183.001187.001196.00RecommendationBased on the charts and explanations above our opinion is, avoid trading until a clear sign appears to pinpoint the coming big move.