Breakout, this is the title of our analysis for gold today as the metal succeeded in breaching the uptrend line, activating the four technical factors that we discussed in details in the weekly report. This breakout took gold to yesterday's suggested technical objective exactly at 1158.00-yesterday's recorded low-and we believe that the negative pressure may continue over intraday basis, based on 2 points as follows:
1- The daily candlestick formation as seen on the secondary image.
2- The clear bearish sign appearing on AROON as AROON down-colored in red- has penetrated the value of 70.00 successfully.
The trading range for today is among the key support at 1137.00 and key resistance now at 1187.00.
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 ReportSupport1158.001152.001149.001144.001137.00Resistance1166.001172.001174.001176.001183.00RecommendationBased on the charts and explanations above our opinion is, Selling gold around 1166.00 targeting 1144.00 and stop loss above 1184.00 might be appropriate.