Morning Report

The daily closing below 100% Fibonacci retracement of the CD leg for our accurate bearish harmonic AB=CD pattern is another technical motive that should bring more bearishness over intraday basis. We still see chances for resuming the downside journey of reaching the extended technical objectives of the harmonic formation. A break of 1582.00-1580.00 zones will bring panic sell-off actions and will negate the positivity appearing on Stochastic. We recommend reviewing the weekly report for more details about the aforementioned pattern.

The trading range for today is among the key support at 1550.00 and key resistance now at 1653.00.

The general trend over the short term basis is to the upside, targeting $ 1945.00 per ounce as far as areas of 1475.00 remain intact with weekly closing.

Previous Report

Weekly Report

RecommendationBased on the charts and explanations above our opinion is, selling gold around 1605.00 targeting 1540.00 and stop loss above 1645.00 might be appropriate.