Gold Daily Outlook

FX:XAUUSD   Gold Spot / U.S. Dollar
Intraday trend-Bearish
Gold has made a low of $1170 and has slightly recovered which confirms it has formed temporary top around 1238 and further selling is expected in coming days.
On the downside break of 1185 will take the commodity to 1160/1138 in short term.
The minor resistance is around 1205 and any indicative break above would extend gain to $1213/1223. Overall trend reversal only above $1238.
Indicators (4 Hour chart)
CCI (50) – Sell
CCI (14) – Buy
Ichimoku- Sell

Recommendation: Sell Gold around 1185-90, SL 1206, Target $1160/1141


Correct minor resistance at around 1195
Expected to short around the same level. Theres a gap that needs to be covered as well. Check RSI (7 period)
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