Gold slipped downwards, proving the efficiency of the suggested bearish harmonic pattern as seen on the provided four-hour chart. Coming below SMA 50 triggered additional bearish pressure on the metal. Thereby, we still see chances for achieving potential descending actions over intraday basis, while a breakout below the lower line of the ascending channel could create a continuation classical pattern Stochastic might cause some kind of fluctuation during the coming session.
The trading range for today is among the key support at 1176.00 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 Report Previous ReportSupport1203.001196.001192.001187.001183.00Resistance1209.001211.001216.001219.001226.00RecommendationBased 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.