Gold is moving around 61.8% Fibonacci level for the last declines from all-time high at 1249.00 to 1165.00 while Stochastic started to overlap negatively as seen on the provided daily chart. Henceforth the mixture between Elliott count and bearish harmonic structure could force it to show potential negative actions over intraday basis. Note that, a break of 1215.00 is needed to confirm these suggestions.
The trading range for today is among the key support at 1192.00 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 ReportSupport1215.001209.001202.001198.001196.00Resistance1222.001226.001232.001235.001239.00RecommendationBased on the charts and explanations above our opinion is, selling gold with a breakout below 1215.00 targeting 1187.00 and stop loss above 1235.00 might be appropriate.