Three dollars the metal from reaching our yesterday's detected technical objective of 1183.00 and now the long black candlestick formation could help the metal to reach the next targets of the previous explained bearish harmonic three drives pattern at 1152.00 zones. Indicators still support the potential continuation for negative scenario over intraday basis with a potential support around 1171.00 zones.
The trading range for today is among the key support at 1152.00 and key resistance now at 1226.00.
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 Report Previous ReportSupport1192.001187.001183.001176.001171.00Resistance1198.001202.001208.001212.001216.00RecommendationBased on the charts and explanations above our opinion is, selling gold from 1202.00 targeting 1171.00 and stop loss above 1222.00 might be appropriate.