When we look at the first graph, we see that the previous explained Elliott sequence is still valid as that the forth wave is still in progress. The second chart shows the IM probability of the entire A wave that if it intended to form a zig zag correction, and thus the fifth wave could start sooner. In result, potential bearishness could be witnessed during this week.
The trading range for this week is among the key support at 1291.00 and key resistance now at 1406.00.
The general trend over the short term basis is to the downside, targeting $ 1208.00 per ounce as far as areas of 1465.00 remain intact.
| Support | 1358.00 | 1350.00 | 1339.00 | 1330.00 | 1320.00 |
| Resistance | 1362.00 | 1372.00 | 1380.00 | 1385.00 | 1395.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1362.00 targeting 1291.00.00 and stop loss with a daily closing above 1395.00 might be appropriate | ||||
| Support | 1358.00 | 1350.00 | 1339.00 | 1330.00 | 1320.00 |
| Resistance | 1362.00 | 1372.00 | 1380.00 | 1385.00 | 1395.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold around 1362.00 targeting 1291.00.00 and stop loss with a daily closing above 1395.00 might be appropriate. | ||||
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