gold strategy

In the first subsidiary image, we can see how the bearish channel of the descending movements that started from the historical high around 1387.00 still dominates the movements. In the second subsidiary image, we can see a bearish candlestick formation over four hour interval under the pressure of SMA 50. Henceforth, we keep our negative outlook unchanged over intraday basis, supported by the efficient bearish harmonic AB=CD pattern. Fibonacci level of 38.2% for the CD leg at 1299.00 is under microscope for the time being.
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 1339.00 1345.00 1348.00 1352.00 1355.00
Recommendation Based on the charts and explanations above our opinion is, selling gold around 1339.00 targeting 1307.00 and stop loss above 1365.00 might be appropriate.