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GOLD 03/03/2014
2014-04-03 15:50:31


The above daily graph shows forming a bullish candle, whereas this candle managed to close above 50% correction at 1287.25 showing on graph. Stability above the referred to level is positive as we counted yesterday on stabilizing below it in our expectations, but stabilizing above 1277.00 (the lowest this week) strengthens the possibility of an upside move.

Linear Regression Indicators are still negative now weakening the bullish expectations, so we will move to the sidelines today waiting for new confirmation signals.
 
 
Support 1290.00 1287.00 1285.20 1280.00 1277.90
Resistance 1296.25 1300.00 1309.35 1315.00 1323.20
Recommendation
Based on the above, we prefer to remain neutral waiting for new confirmation signals.
For those who are willing to bet on stabilizing above 50% correction, its possible to buy the metal above 1290.00 targeting 1296.00 and 1300.00 then 1309.00 with stop-loss below 1277.00, but we will not adopt this position within our strategy today.


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