Gold inclined approaching very sensitive areas and causing us observe the metal cautiously during today's trading but as we see it couldn't maintain levels above 1380.00. It seems that gold is forming the right shoulder of a potential reversal classical pattern, which is still under preparation. We remind you that the previous suggested Elliott count is still valid and thereforewe expect possible bearishness over intraday basis. Coming below 1372.00 and 1362.00 will be a good confirmation for the negative scenario.
The trading range for today is among the key support 1332.00 at and key resistance now at 1425.00.
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 | 1372.00 | 1365.00 | 1355.00 | 1350.00 | 1345.00 |
| Resistance | 1380.00 | 1385.00 | 1395.00 | 1406.00 | 1425.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1375.00 targeting 1332.00.00 and stop loss with a daily closing above 1395.00 might be appropriate. | ||||
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