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GOLD 20.03.2014
2014-03-20 15:53:04


The pair dropped yesterday for the third consecutive session to trade close to support level 1323.20. Breaking the referred to support could push the metal towards 1309.35 and perhaps towards the psycological barrier 1300.00 then 1285.15. We do not want to confirm extending the downside move yet but we will monitor the referred to levels, as failing to break one of these levels will bring positivity back.

Generally, stability below 1339.35 strengthens the bearish possibility; but the downside move fails by breaching 1361.10 - 1361.50 and stabilize above them. Linear Regression Indicators supports the bearish possibility, as MACD and RSI 14 are negative.
 
 
Support 1330.00 1323.20 1315.00 1310.00 1300.00
Resistance 1335.00 1339.35 1347.20 1350.00 1356.60
Recommendation
Based on the above, sell gold below 1335.00 targeting 1323.20, 1310.00 then 1300.00 then stop-loss above 1347.20.


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