In accordance with our yesterday's proposed scenario, gold soared aggressively, recording 1248.00, where it was very close to the suggested technical target. Now, Stochastic is overlapping negatively while AROON up-colored in green- is moving downwards, signaling that the negative effect of the bearish harmonic formation could be activated once more over intraday basis after the correction was completed. We recommend reviewing the previous report to see the detailed scenario.
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 ReportSupport1239.001232.001228.001226.001222.00Resistance1249.001252.001255.001260.001265.00RecommendationBased on the charts and explanations above our opinion is, selling gold around 1247.00 targeting 1226.00 and stop loss above 1265.00 might be appropriate.