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The metal breached the main support for the upside wave confirming the downside correctional C wave. Over daily basis, Stochastic continues to point lower while MACD confirms the negativity and all is needed now is a daily closing below 38.2% correction to confirm the bearishness and the extension of wave C. We do not rule out the possibility of a minor upside correction before resuming the downside move, but in general trading below 1192.00 keeps the downside wave valid.
The trading range for today is among the key support at 1154.00 and key resistance now at 1216.00.
The general trend over short term basis is to theupside targeting 1365.00 as far as areas of 1120.00 remain intact.
Weekly ReportSupport1180.001177.001174.001169.001166.00Resistance1187.001192.001196.001203.001209.00RecommendationBased on the charts and explanations above, our opinion is selling gold around 1192.00 targeting 1154.00 and stop loss above 1203.00 might be appropriate