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GOLD 03/03/2014
2014-03-03 15:41:28


The metal started this week's trading higher through a bullish price gap that pushed the price above 88.6% correction of CD Leg of the bullish harmonic AB=CD Pattern. Based on technical harmonic analysis rules, stabilizing above the referred to correction extends bullishness, and stabilizing now above 1341.10 could push the pair further to the upside to test1361.50 and perhaps 1384.80 levels.

The bullish gap worries us a bit because RSI is still showing a negative divergence, but we will ignore these negative signals unless the price breaks 1323.20, whereas breaking the referred to level will trigger the negative signals and form a bearish correctional wave over the week.
 
 
Support 1341.10 1330.00 1330.00 1323.20 1307.00
Resistance 1350.00 1353.00 1361.50 1384.80 1395.00
Recommendation

Long above 1341.10 with targets at 1353.00, 1361.50 then 1384.80, with stop-loss below 1323.00.


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