Gold slipped aggressively, approaching the detected technical objective as seen on the provided chart. The inclines from 1224.00 zones succeeded in forming a heavy positive divergence that might cause possible upside movements over intraday basis, targeting 1252.00 zones. Note that, today's suggested direction should be seen as a correction but the bearish harmonic effect is still in favor over short term 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 ReportPrevious ReportSupport1232.001228.001226.001222.001219.00Resistance1239.001245.001249.001252.001255.00RecommendationBased on the charts and explanations above our opinion is, buying gold around 1232.00 targeting 1252.00 and stop loss below 1216.00 might be appropriate.