Gold slipped sharply downwards, closing below 23.6% Fibonacci level of the CD leg for the efficient bearish harmonic AB=CD pattern as seen on the provided chart. The bearish channel of the descending actions from the historical high still dominates the metal's trend. In result, the way is cleared towards 38.2% of CD leg at 1299.00 and we keep our bearish anticipations unchanged over intraday basis. AROON shows a clear negative sign, supporting our outlook.
The trading range for today is among the key support at 1291.00 and key resistance now at 1355.00.
The general trend over the short term basis is to the upside, targeting $ 1400.00 per ounce as far as areas of 1120.00 remain
Support 1320.00 1314.00 1307.00 1299.00 1294.00
Resistance 1332.00 1339.00 1345.00 1348.00 1355.00
Recommendation Based on the charts and explanations above our opinion is, selling gold around 1332.00 targeting 1299.00 and stop loss above 1355.00 might be appropriate.
No comments:
Post a Comment