The metal is trading below 1362.00 as we mentioned in our technical messages, confirming the proposed Elliott count, which was published this morning in the weekly report. The four hour chart shows bearish sign on Stochastic, while a potential bearish classical pattern is under preparation. This pattern will be confirmed once a breakout is seen below 1320.00. Thus, we keep our weekly anticipations intact.
The trading range for today is among the key support at 1332.00 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 | 1350.00 | 1345.00 | 1339.00 | 1332.00 | 1320.00 |
| Resistance | 1362.00 | 1365.00 | 1372.00 | 1380.00 | 1385.00 |
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