Morning Report

Two technical targets of the bearish harmonic pattern at 38.2% and 61.8% of CD leg have been reached. Now, MACD is negative, while Stochastic is attempting to overlap bearishly and that may assist the metal to breach 61.8% at 1409.00 zones. If that occurred, the path will be clear to achieve the extended technical targets of the pattern, starting from 76.4% at 1401.00. These bearishexpectations will be valid as far as areas of 1440.00 remain intact and preferably 1430.00. The last level represents X point or rather the resistance of X point.

The trading range for today is among the key support at1392.00 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.

Previous Report

Weekly Report

Support1416.001409.001401.001395.001388.00
Resistance1424.001430.001438.001440.001445.00
RecommendationBased on the charts and explanations above our opinion is, selling gold around 1424.00 targeting 1401.00 and stop loss above 1438.00 might be appropriate.