Morning Report

Over four-hour basis, gold breached the minor upside trend and the 20 & 50 MA crossed negatively. Therefore, we still see that gold is attempting to complete the harmonic pattern with the expected downside move likely to test 1320.00 areas. Those expectations require steady daily closing below 1395.00, and Stochastic is attempting to crossover negatively further supporting our expectations.

The trading range for today is among the key support at 1330.00 and key resistance now at 1406.00.

The short term trend is to the downside targeting 1208.00 per ounce as far as areas of 1485.00 remain intact.

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Weekly Report

 
Support1372.001365.001360.001355.001350.00
 
Resistance1380.001388.001395.001402.001406.00
 
RecommendationBased on the charts and explanations above, our opinion is selling gold around 1380.00 targeting 1330.00 and stop loss with daily closing above 1395.00 might be appropriate