Today, we will add the classical overview to the previous explained Elliott count. Gold shows the probability of forming a head and shoulders top pattern on the same four-hour interval with a neckline at 1192.00 zones. Hence, we hold onto our bearish anticipations over intraday and may be short term basis. We recommend reviewing the weekly report for more details about our proposed Elliott count.
The trading range for today is among the key support at 1172.00 and key resistance now at 1224.00.
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.
|Recommendation||Based on the charts and explanations above our opinion is, selling gold with a breakout below 1192.00 targeting 1165.00 and stop loss above 1212.00 might be appropriate.|