Morning report

Gold has reached our detected technical target yesterday at 988.00-check the analysis here-. Now, the daily shooting star candlestick has been confirmed by yesterday's closing as seen on the subsidiary image, reviving that the, the short term bias is to the downside much like the intraday basis, supported by the duplicated harmonic structure, targeting 972.00 areas in order to retest the broken resistance line of the triangle. RSI 14 is still moving in overbought areas despite yesterday's bearishness, supporting the negative scenario.

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.

RecommendationBased on the charts and explanations above our opinion is, selling gold from 996.00 targeting 981.00 and stop loss above 1008.00 might be appropriate.