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GOLD 11/03/2014
2014-03-11 15:53:15



Gold returned to trade above 88.6% correction of CD leg of the AB=CD bullish pattern, and that weakens the bearish possibility discussed earlier. At the same time, RSI and MACD continue to offer negative signals alongside trading below Linear Regression Indicators despite their positive. Therefore, those signals prevent us from favoring the upside move for gold.

To the downside however, bearishness might also be limited as far as 1323.20 remains intact. This will be the intraday barrier for gold trading today and therefore we also cannot position our bearish bets for gold correction.

The general upside trend remains intact and trading above 1293.10 keeps the general upside move intact. The Risk/Reward ratio is inappropriate for us at those levels.
 
 
Support 1341.10 1335.00 1330.00 1323.20 1315.00
Resistance 1347.20 1350.00 1356.60 1361.50 1368.00
Recommendation

Based on the above we prefer to remain on the sidelines due to inappropriate Risk/Reward ratio

For investors willing to bet on bearishness with negativity on indicators, sell gold below 1347.20 targeting 1341.10, 1335.00 and 1330.00 and stop-loss above 1356.00.

 

 



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