Gold is presently touching the awaited pivotal resistance areas of 1196.00-38.2% Fibonacci correctional level of the declines from all-time high of 1149.00 to 1165.00-. As we discussed yesterday, this correction was needed before resuming the bearishness of the bearish harmonic three drives pattern that still has downside targets to be reached as seen on the provided chart. AROON crossed over negatively, supporting the potential negative scenario over intraday basis.
The trading range for today is among the key support at 1165.00 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 ReportSupport1192.001187.001183.001176.001172.00Resistance1198.001202.001209.001211.001216.00RecommendationBased on the charts and explanations above our opinion is, selling gold from 1196.00 targeting 1165.00 and stop loss above 1216.00 might be appropriate.