After touching 127% of CD leg of the bullish AB=CD pattern, momentum indicators forced the metal to move downwards to stabilize below 1406.00 zones. This could be an indication that the awaited correction started. Some kind of fluctuation might occur before resuming the bearishness, but as far as trading remains below 1425.00 the negative scenario will remain valid.
The trading range for today is among the key support at 1362.00 and key resistance now at 1455.00.
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.
Weekly ReportSupport1402.001395.001388.001380.001376.00Resistance1410.001416.001420.001425.001430.00RecommendationBased on the charts and explanations above our opinion is, selling gold around 1410.00 targeting 1380.00 and stop loss with a four hour closing above 1420.00 might be appropriate.