Morning Report

Gold didn't show any big moves since our weekly report was published yesterday. Thus; we keep the proposedbearish outlook unchanged, based on the four negative technical appearing on the weekly basis. We recommend reviewing the weekly report for more details. Note that, a break of the potential supportover intraday basis at 1196.00 could send the metal downwards aggressively.

The trading range for today is among the key support at 1183.00 and key resistance now at 1232.00.

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 ReportSupport1202.001198.001196.001187.001183.00Resistance1209.001211.001216.001219.001226.00RecommendationBased on the charts and explanations above our opinion is, selling gold around 1209.00 targeting 1187.00 and stop loss above 1226.00 might be appropriate.