Gold is classically forming a bearish pennant pattern as seen on the above four-hour chart, trapped between 950.00 and 940.00 areas. The mentioned pattern may be able to confirm the formation of the right shoulder of the daily [head and shoulders top] pattern which we discussed several times before-check it here-. Hence we will keep our outlook to the downside over the intraday basis. The metal may reach 952.00 areas before activating the negative scenario.
The trading range for today is among the key support now at 916.00 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.