Tranquility controlled the movements of the metal after achieving the breakout below the uptrend line, which we discussed earlier. Henceforth, the negative four technical factors that we discussed in details in our weekly report are still awaited to assist gold to show potential downside actions over intraday basis. We don't want to forget that we use the weekly time interval and consequently, the short term basis also is still negative. A break of 1158.00 could accelerate the suggested bearishness.
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.