The obvious overbought sign of Stochastic indicator-secondary image- revives the fact that metal is still gathering the momentum it needs to reach the scientific technical objective of the bearish harmonic AB=CD pattern at 38.2% Fibonacci level of the CD leg. In the interim, a bearish channel is dominating the movements for the time being. Hence, we hold onto our bearish predictions over intraday basis. A break of 1332.00 is needed to confirm this scenario.
The trading range for today is among the key support at 1307.00 and key resistance now at 1365.00.
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 intact.
Support 1332.00 1325.00 1320.00 1314.00 1307.00
Resistance 1345.00 1348.00 1352.00 1355.00 1365.00
Recommendation Based on the charts and explanations above our opinion is, selling gold with a breakout below1332.00 targeting 1299.00 and stop loss above 1355.00 might be appropriate.
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