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GOLD 13/03/2014
2014-03-13 16:40:44




Gold moved to the upside yesterday to stabilize above the top C of the AB=CD bullish harmonic patter as we mentioned in the last update yesterday. Stability above the mentioned level at 1361.50 makes us hold to our positive outlook, expected to trigger a new upside wave targeting 113% and 127.2% correction of CD leg of the pattern.

Stability above 1350.00 is required for the upside move to remain valid and over intraday basis stability above 1361.50 is needed to for the upside move to remain intact.
 
 
Support 1361.50 1356.60 1350.00 1347.20 1341.10
Resistance 1368.00 1371.80 1384.80 1395.00 1400.00
Recommendation

Based on the above, buy gold above 1365.00 targeting 1371.80, 1384.80 then 1400.00 then stop-loss below 1350.00.


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