No more needed evidences to prove that the negative divergenceof theweekly chart started to affect the metal bearishly, as gold slipped downwards very sharply- about 30 dollars below the suggested technical target of yesterday's reports-. Despite these aggressive declining actions, MCD and AROON are still showing the same signs, reviving that additional negative movements could be seen over intraday basis. We can't ignore the bearish harmonic AB=CD structure although it didn't touch the PRZ exactly.
The trading range for today is among the key support at 1165.00 and key resistance now at 1249.00.
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 ReportSupport1202.001196.001192.001187.001183.00Resistance1209.001212.001219.001226.001232.00RecommendationBased on the charts and explanations above our opinion is, selling gold around 1212.00 targeting 1184.00 and stop loss above 1232.00 might be appropriate