Gold stabilized below 1380.00-1385.00 areas and thus the classical scenario is still in favor, whilst the suggested Elliott count is still valid. Consequently, we believe that the bearishness could dominate the movements over intraday basis. Stochastic is currently attempting to overlap negatively inside over bought areas, supporting our outlook. A break of 1368.00 will accelerate the awaited movements.
The trading range for today is among the key support at 1332.00 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 | 1368.00 | 1362.00 | 1355.00 | 1350.00 |
| 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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