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GOLD 28/03/2014
2014-03-28 16:32:05


The metal is trading today in medium levels between 38.2% and 50% correction of the bullish wave that started from bottom 1182.46 reaching the top 1387.82 showing on graph. The trading levels reside below the ascending trend line that was previously breached and turned to resistance, as Linear Regression Indicator 34 is facing this line in an attempt to breach it.

Trading below 1309.40 strengthens the possibility of extending the downside move, as MACD Indicator is extending the negative pressure. But the metal has to break 1285.10 - 1285.15 at 50% correction to extend the downside move today.
 
 
Support 1296.25 1293.00 1285.15 1280.00 1277.90
Resistance 1300.00 1305.00 1309.40 1315.00 1323.20
Recommendation
Based on the above, sell gold below 1300.00 targeting 1296.25, 1293.00 then 1285.00 then stop-loss above 1309.40.


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