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GOLD 27/02/2014
2014-02-27 15:21:47


The price moved to the downside yesterday touching below 78.6% correction at 1323.20 achieving the stop-loss suggested in our intraday positive expectations yesterday. In fact technical indicators are showing extreme negative signals, whereas RSI 14 is showing a negative divergence while MACD is trying to crossover negatively indicating that the price might have entered a bearish correction after failing to stabilize above 1341.10 levels.

It's ok ! as the technical harmonic pattern achieved several targets forcing us to become neutral today, whereas the referred to negativity contradicts with the technical harmonic analysis and the positive Linear Regression Indicators. To confirm extending bearishness, the price has to stabilize below 1323.20 and break Linear Regression Indicators. Till then, we will monitor the metal's movement around the referred to level.
 
 
Support 1323.20 1315.00 1310.00 1300.00 1296.25
Resistance 1341.10 1347.20 1350.00 1356.60 1361.50
Recommendation

Based on the above, we prefer to remain neutral waiting for confirmation signals.
For traders who want to bet on the negative divergences showing on technical indicators, its possible to short the metal below 1330.00 with targets at 1323.20, 1315.00 then 1310.00, with stop-loss above 1341.10.

 





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Prices By NTGOLD
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37.5g ABC Luong Bar
5,240.704,820.70
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100g ABC Bullion Bar
13,929.7012,629.70
1kg ABC Bullion Silver
1,690.501,340.50
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