The impulsive upside wave that started at 930.00 zones and was ceiled around 1011.00 zones has ended with a negative divergence as seen on CCI indicator for the above four-hour chart while Wolfe's wave studies provided us with a target line -colored in red- around 992.00 zones -23.6% Fibonacci-. We think that a breakout below the mentioned areas is highly predicted on the intraday basis as a normal result for the mentioned divergence. Thus; the path will be cleared for the metal to visit 38.2% Fibonacci level at 980.00.
The trading range for today is among the key support now at 952.00 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.
|Recommendation||Based on the charts and explanations above our opinion is, selling gold from 1000.00 targeting 982.00 and stop loss above 1014.00 might be appropriate.|