The metal has touched levels of 1438.00 yesterday, but we didn't witness a four hour closing above these areas. Stochastic is showing negative sign; while breaching 1424.00 is very important for confirming the bearish harmonic structure. Therefore, we still see chances for achieving more bearishness but not before breaching 1424.00.
The trading range for today is among the key support at 1392.00 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 ReportSupport1424.001420.001416.001409.001401.00Resistance1438.001440.001445.001449.001452.00RecommendationBased on the charts and explanations above our opinion is, selling gold with a four hour closing below 1424.00 targeting 1401.00 and stop loss above 1438.00 might be appropriate.