Technical GOLD
Gold is still moving inside the descending channel that organizes the bearish movements that started due to the captured bearish harmonic AB=CD pattern. The scientific technical objective of the pattern hasn't been reached yet and thus, we believe that the upper line of the channel could force it to reach 38.2% Fibonacci level of the CD leg at 1299.00. Thereby, we hold onto our bearish predictions for the rest of the day. A break of 1332.00 will accelerate this downside move.
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 1339.00 1332.00 1325.00 1320.00 1314.00
Resistance 1348.00 1352.00 1355.00 1365.00 1372.00
Recommendation Based on the charts and explanations above our opinion is, selling gold around 1352.00 targeting 1299.00 and stop loss above 1385.00 might be appropriate
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