The bigger bearish picture of the weekly chart is still valid-check the weekly report- but on smaller time frames, we see chances for achieving additional correctional movements for the downside rally from all-time high of 1152.00 to 1214.00 zones, as the metal succeeded in stabilizing above the pivotal resistance areas of 1226.00 yesterday. These inclines offered the probability for forming the CD leg of a bearish harmonic formation, where its suggested PRZ-potential reversal zones- reside at 1244.00 zones-cluster resistance areas, consisting of 76.4% of XA and 161.8% of BC. From here, possible bullishness could be seen today after relieving Stochastic.
The trading range for today is among the key support at 1209.00 and key resistance now at 1265.00.
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.
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