Respecting our suggested scenario of CD leg's completion for the harmonic structure, the metal soared towards the technical objective at 1248.00 zones and it extended towards the psychological levels of 1250.00. The pullback from the aforesaid levels argues us to say that, potential downside actions could be seen over intraday basis, as the harmonic pattern is bearish. Stochastic supports this outlook.
The trading range for today is among the key support at 1216.00 and key resistance now at 1275.00.
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 ReportSupport1239.001235.001232.001228.001226.00Resistance1245.001248.001252.001260.001265.00RecommendationBased on the charts and explanations above our opinion is, selling gold around 1247.00 targeting 1228.00 and stop loss above 1262.00 might be appropriate.