Yesterday's bullish wave was limited around 1408.00, causing a failure for the harmonic formation, which we explained yesterday, showing that the bullish wave should be temporal. The bearishness became in favor once more as we discussed in the weekly report. Now, the metal is attempting to breach the support line from A to C points. Moreover, a new AB=CD pattern is in progress, targeting 88.6% and 100% of CD leg as seen on the provided chart. Consequently, potential downside actions could be witnessed over intraday basis.
The trading range for today is among the key support at 1330.00 and key resistance now at 1430.00 .
The general trend over the short term basis is to the downside, targeting $ 1208.00 per ounce as far as areas of 1485.00 remain intact.
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