After touching the awaited reversal point that we determined yesterday at 1243.00, the metal started to move downwards as seen on the provided four-hour chart. Stochastic overlapped negatively indicating that the bearish harmonic pattern is still affecting the movements. A break of 1230.00 will open the door foradditional negative actions over intraday basis.
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.
Weekly Report Previous ReportSupport1235.001232.001226.001219.001216.00Resistance1245.001252.001255.001259.001265.00RecommendationBased on the charts and explanations above our opinion is, selling gold around 1240.00 targeting 1216.00 and stop loss above 1259.00 might be appropriate.