Chart number one shows the suggested Elliot numbering for gold in the weekly report, where we can see the completion of the third wave and now the metal started the fourth of the IM which started on October 24. Assessing the move from the top at 1424.00 we can see how the metal started the upside correction to complete the bearish A wave of the suggested scenario –provided in the second chart- therefore, we see that the bearishness remains valid and the metal might return to the downside after ending the current correction.

The trading range for today is among the key support at 1307.00 and key resistance now at 1395.00.

The short term trend is to the downside targeting 1208.00 per ounce as far as areas of 1465.00 remain intact

Support	1350.00	1345.00	1339.00	1332.00	1320.0
Resistance	1355.00	1362.00	1372.00	1380.00	1395.00
Recommendation	Based on the charts and explanations above, our opinion is selling gold from 1355.00 to 1307.00 and stop loss with daily closing above 1380.00 might be  appropriate.