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Gold inclined touching 1523.00 levels where we believe that the IM structure becomes weaker. We should witness a breakout below the support levels of 1516.00 to confirm starting the correction which will be followed by a new upside wave. Momentum indicators are reflecting clear overbought case and thus, potential downside recovery could be seen over intraday basis.
The trading range for today is among the key support at 1477.00 and key resistance now at 1556.00.
The general trend over the short term basis is to the upsidetargeting1600.00 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 1523.00 gradually targeting 1513.00,1510.00 and 1494.00, while the stop loss is a four hour closing above 1537.00 might be appropriate.|