The pivotal resistance area of 1218.00 forced the metal to move downwards sharply towards 1202.00 zones as seen on the provided four-hour chart. Now, Stochastic could push it slightly upwards before resuming the potential downside actions over intraday basis as the suggested bearish harmonic three drives pattern might trigger additional bearish pressure. AROON still shows negative sign, confirming our scenario.
The trading range for today is among the key support at 1183.00 and key resistance now at 1235.00.
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 ReportSupport1209.001203.001196.001192.001187.00Resistance1216.001219.001226.001232.001235.00RecommendationBased on the charts and explanations above our opinion is, selling gold around 1214.00 targeting 1192.00 and stop loss above 1229.00 might be appropriate.