Gold declined, approaching the previous suggested technical targets, followed by a slight correction after touching the PRZ for the AB=CD pattern to the right. Trading below the resistance of the bearish wave at 1395.00 encourages us to keep our bearish outlook unchanged over intraday basis, targeting D2. Actually, D1 met 88.6% of CD, while DI resides at C point.
The trading range for today is among the key support at 1330.00 and key resistance now at 1430.00.
The general trend over the short term basis is to the downside, targeting $ 1208.00 per ounce as far as areas of 1485.00 remain intact.
|Recommendation||Based on the charts and explanations above our opinion is, selling gold around 1388.00 targeting 1350.00 and stop loss with a four hour closing above 1406.00 might be appropriate.|