Our previous detected soft technical objective at 127.2% Fibonacci projection of CD leg for the main bearish harmonic AB=CD pattern has been reached. Actually, yesterday's sharp decline has been capable of forming an obvious bearish candlestick formation, while momentum and trend indicators support achieving further weakness below 1549.00 zones. The next technical target of the awaited bearishness resides at 1480.00 zones; whilst 1460.00 should be placed under our technical microscope as it may represent potential reversal zones-PRZ- for an under construction pattern- we will discuss it in the proper time- anyway, areas of 1603.00 should be the protecting for intraday bears.
The trading range for today is among the key support at 1475.00 and key resistance now at 1603.00.
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.
|Recommendation||Based on the charts and explanations above our opinion is, selling gold around 1562.00 targeting 1480.00 and stop loss above 1604.00 might be appropriate.|