In line with our weekly scenario, gold is still achieving the retesting process for the previous broken uptrend line, while meeting the initial resistance of 1390.00-1395.00. Hence, we may witness possible bearishness. Stochastic is also negative, supporting our classical overview.
The trading range for today is among the key support at 1330.00and 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.
Weekly ReportSupport1380.001376.001372.001365.001358.00Resistance1390.001395.001402.001406.001413.00RecommendationBased on the charts and explanations above our opinion is, selling gold below 1390.00 targeting 1350.00 and stop loss with a four hour closing above 1406.00 might be appropriate.