After touching the awaited resistance levels of 1365.00, gold collapsed as seen on the provided daily chart. Now, we add the new negative sign of AROON to the suggested Elliott count and the negative divergence of RSI 14 to predicate more bearishness over intraday basis. According to this Elliott sequence, "A" wave is still in progress and it is awaited to reach 1291.00 zones-target of the weekly report-. A break of 1291.00 will send the metal towards 1257.00 zones.
The trading range for today is among the key support at 1291.00 and key resistance now at 1372.00.
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 | 1332.00 | 1320.00 | 1307.00 | 1294.00 | 1291.00 |
| Resistance | 1345.00 | 1355.00 | 1365.00 | 1372.00 | 1380.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1345.00 targeting 1294.00 and stop loss with a daily closing above 1380.00 might be appropriate. | ||||
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