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GOLD 27/03/2014
2014-03-27 16:42:15


The metal dropped yesterday touching levels slightly below the psychological level 1300.00. After touching the referred to level, the pair inched higher but remained limited below 38.2% correction at 1309.35 showing on graph.

Therefore, the referred to psychological level is low on demand to form a bullish wave; so a break above 38.2% correction triggers further bearishness to touch 50% correction at least at 1285.15. Only breaching 1339.35 could fail the downside move, but we will depend today on stabilizing below 1323.20 to keep our negative expectations.
 
 
Support 1300.00 1296.25 1293.00 1285.15 1280.00
Resistance 1309.35 1315.00 1323.20 1330.00 1339.35
Recommendation
Based on the above, sell gold below 1305.00 targeting 1296.25, 1293.00 then 1285.00 then stop-loss above 1323.20.


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