Gold was very close to the suggested technical target of the short term basis at 1430.00 and we discussed that the entire harmonic crab formation is bearish and that is why we witnessed sharp decline. Today, we might see new technical attempt to touch the PRZ at 1430.00-1435.00. If that doesn’t occur, the metal will show a potential bearish direction. RSI is definitely negative, supporting our anticipations. Keep in mind that, visiting 1430.00 could happen.
The trading range for today is among the key support at 1365.00 and key resistance now at 1465.00.
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 | 1395.00 | 1385.00 | 1380.00 | 1372.00 | 1365.00 |
| Resistance | 1400.00 | 1406.00 | 1415.00 | 1425.00 | 1430.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1405.00 targeting 1365.00 and stop loss with a four hour closing above 1435.00 might be appropriate. | ||||
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