The metal is fluctuating aggressively and that fits the nature of the correctional waves. This fluctuation suggests that the forth wave is in progress according the caught Elliott scenario. As far as trading remains below 1380.00-1385.00, we will witness a bearish wave and a break of 1350.00 will confirm the fifth wave.
The trading range for today is among the key support at 1307.00 and key resistance now at 1395.00 .
The general trend over the short term basis is to the downside, targeting $ 1208.00 per ounce as far as areas of1465.00 remain intact.
| Support | 1355.00 | 1350.00 | 1345.00 | 1339.00 | 1332.00 |
| Resistance | 1362.00 | 1365.00 | 1372.00 | 1380.00 | 1385.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1360.00 targeting 1307.00.00 and stop loss with a daily closing above 1380.00 might be appropriate. | ||||
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