Since moving upwards from 1123.00 zones on the 19th of April, gold moved upwards within 5 waves -IM structure- as seen on the provided four-hour chart. We see how it started to pullback from 127% Fibonacci projection level of the detected third wave. Momentum and trend indicators started to give us bearish signs that might help the metal to achieve a downside correction. Despite all of theses technical factors but yesterday's daily closing above 1183-1196.00 zones-check the weekly report- makes us saying that, the outlook is neutral for today as we are not sure that the fifth wave has been completed.
The trading range for today is among the key support at 1155.00 and key resistance now at 1249.00.
The general trend over short term basis is to the downside, targeting 1025.00 per ounce as far as areas of 1249.00 remain intact.
Weekly Report Previous ReportSupport1196.001192.001187.001183.001176.00Resistance1203.001208.001211.001225.001233.00RecommendationBased on the charts and explanations above our opinion is, staying aside to see closing of the weekly candlestick to pinpoint the coming big move.