The provided Elliott count suggests that three waves have been formed for the IM structure, which started in October 20080-colored in pink-. Thus, the forth wave is probably in progress, targeting 1291.00-23.6% Fibonacci of the third- followed by 1208.00-61.8% -. Consequently, the bearishness could dominate the movements during this week and the coming period. As far as 1430.00 remains intact.
The trading range for this week is among the key support at 1291.00 and key resistance now at 1430.00.
The general trend over the short term basis is to the downside, targeting $ 1208.00 per ounce as far as areas of 1465.00 remain intact.
| Support | 1358.00 | 1350.00 | 1339.00 | 1330.00 | 1320.00 |
| Resistance | 1380.00 | 1385.00 | 1395.00 | 1406.00 | 1425.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1385.00 targeting 1291.00.00 and stop loss with a daily closing above 1430.00 might be appropriate. | ||||
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