Gold didn't show any big move since the opening of this week, whilst the descending channel over the four hour interval is still dominating the movements as seen on the secondary image. The upper line of this aforesaid channel and SMA 50 act as solid resistance that could force it to breach the key support levels of 1332.00- Fibonacci level of 23.6% for the CD leg of our captured bearish harmonic AB=CD pattern- . A break of which will be an indication that the scientific objective of the pattern at 38.2% of CD leg will be reached. Henceforth, we still see chances for achieving additional downside movements over intraday basis.
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.
Weekly Report Previous Report
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 around 1342.00 targeting 1307.00 and stop loss above 1365.00 might be appropriate.
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