The metal stabilized below the pivotal resistance of 1388.00, while the price is stable below SMA 20 over daily basis. Stochastic is moving within overbought areas. Those technical factors make us hold onto our bearish harmonic probability. Thereby, we suggest a bearish direction over intraday basis. A break of 1376.00 will ease the path for achieving this scenario.
The trading range for today is among the key support at 1330.00 and key resistance now at 1413.00.
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 1330.00 and stop loss with a four hour closing above1406.00 might be appropriate.|