Resuming our classical technical series, we see how gold is still trapped below the previous broken trend line, while it is trading within a very low liquidity conditions. Stochastic interprets some kind of hesitation and AROON is bearish. Consequently, we hold onto our negative scenario and a break of SMA 50 at 1384.00will be another negative indication that will solidify our constructive bearish overview.
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 with a breakout below 1384.00 targeting 1350.00 and stop loss with a four hour closing above 1406.00 might be appropriate.|