Today, we will add two negative technical factors to the previous explained Elliott count of the IM rally from 1044.00 as follows:
- The negative divergence of RSI 14, which appears obviously on the daily basis.
- The bearish candlestick formation of the weekly chart.
Henceforth, we still hold onto our bearish predictions over intraday and short term basis. Note that, areas between 1410.00 and 1430.00 should hold to keep our overview valid.
The trading range for today is among the key support at 1330.00 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 | 1339.00 | 1332.00 | 1320.00 | 1307.00 |
| Resistance | 1364.00 | 1380.00 | 1385.00 | 1395.00 | 1406.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1364.00 targeting 1307.00.00 and stop loss with a daily closing above 1410.00 might be appropriate. | ||||
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