Morning Report

Gold continued moving within a tight range but we still see that trading stabilized below the pivotal resistance of 1395.0. Thereby, the bearishness is still in favor and all what we need is a breakout below 1380.00. Stochastic is moving very closer to overbought despite of the bullish crossover, which we don't think that its effect will stay for a long time.

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.

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Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling gold below 1395.00 targeting 1350.00 and stop loss with a four hour closing above 1406.00 might be appropriate.