The daily negative divergence has been completed on CCI indicator, as seen on our provided chart. Now, a long black candlestick accompanied by good volume is needed to confirm the head and shoulders top pattern. Stochastic supports the negative scenario via the continuous negative overlapping. Note that, 966.00 should hold to protect our bearish anticipation over the intraday basis.
The trading range for today is among the key support now at 922.00 and key resistance now at 984.00.
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 955.00 targeting 941.00 and stop loss above 967.00 might be appropriate.|
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