Today, we will suggest an Elliott count for the movements that started at the all-time high of 1265.00. As we see on the provided four-hour chart , gold formed 5 waves earlier -Impulsive wave- and we think that A wave is on its way to be completed within 5 internal waves, indicating that the corrective structure could take zigzag shape5-3-5. Consequently, 3 waves to the downside are awaited to form B wave but we still need more confirmation that A wave was completed. We can get this confirmation if the metal breached 1184.00. Thus; our outlook will be neutral today until we see what will be the price behavior during the coming sessions.
The trading range for today is among the key support at 1162.00 and key resistance now at 1220.00.
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.
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|Recommendation||Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.|