During yesterday’s incline, gold corrected 38.2% of the second wave of the IM which started from the record at 1424.00 per ounce. Therefore, gold might move lower over intraday basis today to form the fifth wave. This IM –Impulsive Wave- is forming the bullish A of the higher ranking correction mentioned in the weekly report. Stochastic is reversing lower supporting our expectations.
The trading range for today is among the key support at 1307.00 and key resistance now at 1395.00.
The short term trend is to the downside targeting 1208.00 per ounce as far as areas of 1465.00 remain intact
| Support | 1350.00 | 1345.00 | 1339.00 | 1332.00 | 1318.00 |
| Resistance | 1355.00 | 1362.00 | 1372.00 | 1380.00 | 1395.00 |
| Recommendation | Based on the charts and explanations above, our opinion is selling gold from 1355.00 to 1307.00 and stop loss with daily closing above 1380.00 might be appropriate. | ||||
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