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GOLD 04/03/2014
2014-03-04 16:05:48


The price touched levels close to 1355.00 yesterday then dropped again taking the price to trade below 1341.10 but is still stable above Linear Regression Indicator 55.

The negative signals on RSI and MACD worries us in regards to trading below 1341.10, while breaking 1323.20 triggers these signals. On the other hand, we cannot trust these signals due to the bullish harmonic AB=CD Patter that remains valid as long as the metal is stable above 1323.20.

As a result, we prefer to remain neutral today waiting for new confirmation signals.
 
 
Support 1335.00 1330.00 1323.20 1315.00 1310.00
Resistance 1341.10 1347.20 1350.00 1356.00 1361.50
Recommendation

Based on the above, we prefer to remain neutral waiting for confirmation signals.
For those who are willing to bet on negative divergences on technical indicators, its possible to sell the metal below 1340.00 targeting 1323.20 and 1315.00 then 1310.00 with stop-loss above 1350.00.

 



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