Gold stabilized below the pivotal levels of 1380.00-1385.00, confirming the previous discussed scenario seen on the first image, where the fourth wave is still in favor over short term basis and medium term basis. The second image suggests that the retesting action for the previous broken trend line might have been ended, whilst momentum indicators support this scenario. Additionally, the classical pattern is still under preparation. Consequently, we believe that the bearishness will dominate the movements over intraday basis.
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 | 1368.00 | 1362.00 | 1355.00 | 1350.00 | 1345.00 |
| Resistance | 1375.00 | 1380.00 | 1385.00 | 1395.00 | 1406.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1372.00 targeting 1332.00.00 and stop loss with a daily closing above 1395.00 might be appropriate. | ||||
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