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Short

Gold Daily Outlook

FX:XAUUSD   Gold / U.S. Dollar
392 3 5
Gold             is trading near major support $1142-46 (61.8% projection of $1391 to $1131 from $ and break below will confirm the bearish continuation. The break of major support could pave way for next target $1080/$1041 (161.8% retracement of $1142 and $1307).

On the upside minor resistance is around $1182 and any close above this level will confirm very short term bullishness. Overall trend reversal only above $1230.

Indicators ( Daily chart )

CCI (50) – Sell

CCI (14) – Sell

Ichimoku-Sell

Recommendation: Sell Gold             around $1160, SL $1182, Target $1081.