Gold declined slightly, touching SMA 20 as seen on the provided daily chart. The bearish harmonic pattern is still valid as far as the trading remains below 1372.00 as we discussed earlier. The stable move above 1348.00 –SMA 50 level- makes the sideways in favor, whilst a break of 1372.00 will make the pattern extended. Thereby, the neutrality could dominate the movements at least during the morning session.
The trading range for today is among the key support at 1325.00 and key resistance now at 1395.00.
The general trend over the short term basis is to the upside, targeting $ 1400.00 per ounce as far as areas of 1120.00 remain intact.
Support 1355.00 1348.00 1345.00 1339.00 1330.00
Resistance 1365.00 1372.00 1385.00 1388.00 1395.00
Recommendation Based on the charts and explanations above our opinion is, staying aside until a clearer sign appears to pinpoint the upcoming big move.
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