The consecutive declines from the historical high around 1152.00 forced us to have a look at smaller time frames, as we see on the four-hour interval that a bearish harmonic AB=CD pattern has been completed earlier. Coming below SMA50-colored in red- encourages us to say that more bearishnessmight come over intraday basis, while a break of the pivotal support areas of 1209.00 will take the metal directly towards 1196.00 followed by 1184.00.
The trading range for today is among the key support at 1184.00 and key resistance now at 1252.00.
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 ReportSupport1211.001209.001202.001196.001184.00Resistance1222.001225.001232.001235.001239.00RecommendationBased on the charts and explanations above our opinion is, selling gold around 1222.00 targeting 1196.00 and stop loss above 1244.00 might be appropriate.