Morning Report

The metal could not achieve a daily closing below 1360.00, which is the last technical obstacle that prevents gold from reaching the PRZ of our harmonic structure. The first PRZ reside at 1344.00, followed by 1322.00 and 1298.00; RSI 14 is stable below levels of 50.00, while Stochastic is trending downwards. Henceforth, we hold onto our bearish predictions over intraday basis.

The trading range for today is among the key support at 1320.00 and key resistance now at 1402.00.

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 around 1372.00 targeting 1320.00 and stop loss with a four hour closing above1406.00 might be appropriate.