Gold slipped aggressively during the Asian session and this decline could be the main reason for causing a failure to reach 161.8% of CD leg of our caught crab pattern. Despite of our yesterday's positive expectations but we recommended being careful Now, the metal could continue its declines over intraday basis and a break of 1380.00 will be an indication for more downside actions. As far as we didn't witness a daily closing above 1410.00, the bearishness will be in favor.
The trading range for today is among the key support at 1330.00 and key resistance now at 1430.00.
The general trend over the short term basis is to the upside, targeting $ 1430.00 per ounce as far as areas of 1120.00 remain intact.
| Support | 1380.00 | 1372.00 | 1365.00 | 1358.00 | 1350.00 |
| Resistance | 1395.00 | 1400.00 | 1405.00 | 1410.00 | 1425.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1400.00 targeting 1358.00 and stop loss with a four hour closing above 1425.00 might be appropriate | ||||
No comments:
Post a Comment