After the failure to breach of 1360.00 with daily closing, gold is attempting to incline once again supported by the positivity on Stochastic. At the same time, trading is still steady below 20 & 50 MA over daily basis and also below 1395.00. Therefore, trading below the mentioned area might support gold to return to the bearishness today and requires the breach of 1365.00 followed by a daily closing below 1360.00 to confirm those expectations.
The trading range for today is among the key support at 1320.00 and key resistance now at 1402.00.
The short term trend 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 1376.00 targeting 1320.00 and stop loss with four-hour closing above 1395.00 might be appropriate today|