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Two dollars separated between gold and our detected technical resistance levels of 1520.00, where the metal started to collapse forming a clear bearish candlestick structure as seen on the provided daily graph. This decline along with the negative divergence on OsMA indicator argue us to say that the internal fourth wave of the internal fourth is in progress within the bigger fifth wave. Henceforth, we are looking forward to see more bearishness towards 1470.00-10465.00 zones to complete this correctional wave according to our detailed Elliott scenario which we explained in the weekly report. Stochastic solidifies the intraday bearish overview.
The trading range for today is among the key support at 1465.00 and key resistance now at 1530.00.
The general trend over the short term basis is to the upsidetargeting 1589.00 per ounce as far as areas of 1430.00 remain intact with weekly closing.
|Recommendation||Based on the charts and explanations above our opinion is, selling gold around 1506.00 targeting 1471.00 and stop loss above 1530.00 might be appropriate.|