Gold is moving very calmly for the third consecutive day and that's why we prefer looking at the weekly chart for the time being. Nothing changed over weekly bars after achieving the obvious breakout below the uptrend line, which carried the movements from 680.00 to all-time high of 1265.00 zones. Therefore, we keep our suggestedbearish outlook over intraday basis, supported by the four technical factors, mentioned in our weekly report.
The trading range for today is among the key support at 1137.00 and key resistance now at 1192.00.
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 ReportSupport1162.001158.001149.001144.001137.00Resistance1172.001174.001176.001183.001187.00RecommendationBased on the charts and explanations above our opinion is, Selling gold with a breakout below 1166.00 targeting 1144.00 and stop loss above 1184.00 might be appropriate.