The ascending wave from 1044.00 zones to the all-time high of 1249.00 took the bearish harmonic shape of three drives pattern as seen on the provided daily chart. The symmetry of this move in conjunction with using Fibonacci projection levels made us reconsider the intraday outlook and we believe now that, the metal might move further more to the downside. Technical targets reside at 1183.00, followed by 1171.00 while the potential obstacle support resides at 1196.00. Stochastic and AROON support this negative outlook.
The trading range for today is among the key support at 1171.00 and key resistance now at 1249.00.
The general trend over short term basis is to the upside, targeting 1365.00 per ounce as far as areas of 1120.00 remain intact.
Weekly ReportPrevious ReportSupport1205.001202.001196.001187.001183.00Resistance1212.001216.001219.001226.001232.00RecommendationBased on the charts and explanations above our opinion is, selling gold from 1212.00 targeting 1183.00 and stop loss above 1232.00 might be appropriate.