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GOLD 24/03/2014
2014-03-24 16:03:48


The price managed to break with the beginning of the week the bullish support of the ascending channel showing on graph that started from the bottom 1182.46 towards the top 1387.82. In fact, the mentioned break favors extending the downside move towards 38.2% correction at 1309.35, as breaking it might extend bearishness towards 50% correction at 1285.15.

Trading below 1339.35 strengthens the downside move, as RSI 14 and traditional MACD are providing negative signals supporting these expectations. Linear Regression Indicators are showing a negative bias.

Of note, breaching 1361.10 could fail the downside move but we are depending on 1350.00 levels to keep these negative expectations.

 
 
 
Support 1315.00 1309.35 1300.00 1285.15 1277.90
Resistance 1330.00 1339.35 1341.10 1350.00 1356.60
Recommendation
Based on the above, sell gold below 1330.00 targeting 1309.35 then 1300.00 and 1285.15 and stop-loss above 1350.00 this week.

 

 



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