| Support | 1406.00 | 1402.00 | 1392.00 | 1388.00 | 1380.00 |
| Resistance | 1420.00 | 1425.00 | 1432.00 | 1445.00 | 1452.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold very cautiously around 1413.00 targeting 1372.00 and stop loss with a four hour closing above 1432.00 might be appropriate. | ||||
The secondary image shows the big conflict between bulls and bears around D1 and if it succeeded in moving downwards, the harmonic pattern will be a bat pattern. Trading below 1413.00 will bring additional bearishness targeting 1392.00 and probably will send it further towards 1376.00. On the other hand, a stable move above 1413.00 will make it visit new areas above the all-time high around 1424.00, where 1432.00 will be under microscope. Hence, we predicate potential bearishness for the rest of the day but remember that the risk is too high. Trading should be below 1424.00 to validate this overview.
The trading range for today is among the key support at 1376.00 and key resistance now at 1432.00 .
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 | 1406.00 | 1402.00 | 1392.00 | 1388.00 | 1380.00 |
| Resistance | 1420.00 | 1425.00 | 1432.00 | 1445.00 | 1452.00 |
| Recommendation | Based on the charts and explanations above our opinion is, selling gold very cautiously around 1413.00 targeting 1372.00 and stop loss with a four hour closing above 1432.00 might be appropriate. | ||||
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