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GOLD 10/03/2014
2014-03-10 15:39:51



Gold failed again to hold 88.6% correction of CD leg of the bullish AB=CD pattern, and returned to trade below the Linear Regression Indicators. RSI bearish divergence and MACD crossed over negatively and accordingly we expect the extension of the downside move for gold toward 1323.20.

We should note however that a breakout below 1323.20 is required to extend the downside move toward the bullish support that carried the move from the low D around 1182.45 and returning above 1341.10 might weaken the current downside correction.

Note: The current downside move does not end the entire upside wave and it will be considered merely correction. Stability above 1293.10 will keep the general upside move valid affected by AB=CD harmonic pattern.
 
 
Support 1330.00 1323.20 1307.00 1300.00 1293.20
Resistance 1335.00 1341.10 1350.00 1355.00 1361.50
Recommendation

Based on the above, sell gold below 1335.00 targeting 1330.00 then 1323.20 and 1300.00 and stop-loss above 1355.00 this week.

 



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