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GOLD 21/03/2014
2014-03-21 16:37:12


The downside move was halted yesterday around the bullish support that took the trading from the bottom 1182.46 to the top 1387.82. The bullish support resides in middle-levels between 23.6% correction from the upside and 38.2% correction from the downside of the referred to bullish wave represented in 1339.35 and 1309.35 respectively.

In fact, the candle formed on the daily graph is considered positive but we cannot depend on it in light of the negativity showing on momentum indicators . Therefore, we remain neutral today waiting for confirmation signals, especially that Risk/Reward Ratio is inappropriate due to trading in medium levels between 23.6% and 38.2% corrections.
 
 
Support 1323.20 1320.00 1315.00 1309.35 1300.00
Resistance 1335.00 1339.35 1341.10 1347.20 1350.00
Recommendation Based on the above, we prefer to remain neutral waiting for confirmation signals.
For those who are willing to bet on the negativity of technical indicators, its possible to sell the gold below 1335.00 targeting 1323.20 and 1310.00 then 1300.00 with stop-loss above 1347.20.


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