At 61.8% Fibonacci levels of the downside rally from all-time high at 1249.00 to 1165.00, the metal was stopped yesterday as it seems that the classical pattern couldn't reach its defined target-check the previous report-. It succeeded to complete a bearish harmonic AB=CD pattern, while momentum and trend indictors started to give bearish signs. Thus; we change our outlook to downside today.
The trading range for today is among the key support at 1172.00 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 Report Previous ReportSupport1209.001202.001198.001196.001187.00Resistance1216.001226.001232.001237.001239.00RecommendationBased on the charts and explanations above our opinion is, selling gold with a breakout below 1209.00 targeting 1184.00 and stop loss above 1229.00 might be appropriate.