Negatively influenced by our captured bearish harmonic three drives pattern, gold started to move downwards and also the same negative signs of AROON and RSI 14 are still appearing. Thus; we keep our bearish anticipations over intraday basis, supported by the bearish candlestick formation and the negative crossover of Stochastic appearing on the daily basis.
The trading range for today is among the key support at 1219.00 and key resistance now at 1256.00.
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 around 1235.00 targeting 1209.00 and stop loss above 1256.00 might be appropriate.|