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GOLD 05/03/2014
2014-03-05 23:21:29



The price traded yesterday in a tight range below 88.6% correction at 1341.11 showing on graph (this correction is mentioned in previous reports). Stability below the referred to level is currently accompanied by neutral trading with a slight bearish bias on Linear Regression Indicators in addition to a negative bias showing on MACD.

On the other hand, the support of the upside move managed yesterday to halt the bearish attempts, as this support currently resides around 1333.00 and breaking it mgiht trigger further bearishness to test 1323.20.

We remain neutral today because we are not certain if positivity ended, meanwhike we cannot bet on it before trading again above 1341.10. But the price might drop further if levels 1333.00 were broken.
 
 
Support 1335.00 1330.00 1323.20 1315.00 1310.00
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 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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