Morning report

Gold has formed a daily shooting star pattern as seen on the secondary image, reviving tha, the negative effect of the recently captured duplicated bearish harmonic pattern is to start, supported by the clear overbought signs appearing on RSI 14. As a consequence a pull back is highly awaited over intraday and short term basis, targeting -at least- 972.00 zones in order to retest the broken resistance line of the triangle.

The trading range for today is among the key support now at 942.00 and key resistance now at 1035.

The general trend is to the upside as far as 820.00 remains intact with targets at 1035.00 and 1060.00.

Support992.00984.00977.00972.00966.00
Resistance1002.001007.001012.001025.001035.00
RecommendationBased on the charts and explanations above our opinion is, selling gold from 1002.00 targeting 988.00 and stop loss above 1014.00 might be appropriate.