After printing the significant low of 1180.00, the metal has showed some kind of consolidation during the previous week but it closed negatively on Friday near the aforesaid low. The clear bearish trend started at 1796.00 is still in progress, while bears are protected by the coverage from SMA 20 and SMA 50 as seen on the provided weekly chart. In the interim, Stochastic remains negative despite approaching oversold regions; whilst vortex indicator continues to reflect the strength of the downtrend. Eyes on 1120.00 to be a target for the bearishness
Support: 1210.00, 1180.00, 1155.00, 1130.00, 1120.00
Resistance: 1235.00, 1250.00, 1275.00, 1295.00, 1317.00
Recommendation Based on analysis and explanations above, we believe that selling gold below 1235.00 targeting 1120.00 and stop loss at 1290.00 might be appropriate this week.