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GOLD 04/04/2014
2014-04-04 15:34:29


The bullish attempt yesterday remained limited below the resistance level 1296.00 before the psychological barrier 1300.00. Trading below the referred to levels keeps the possibility of a downside move to test 1262.00 that represents 61.8% correction showing on graph.

MACD is still negative and despite that RSI 14 is trading sideways, but there are now positive signals showing on it which strengthens the bearish possibility for today. Breaching 1300.00 brings positivity back especially if the weekly trading closed above it.

 
 
 
Support 1285.00 1280.00 1277.90 1272.00 1266.55
Resistance 1293.15 1296.30 1300.00 1309.35 1315.00
Recommendation
Based on the above, sell gold below 1293.00 targeting 1280.00, 1277.00 then 1262.00 then stop-loss above 1309.00.

 



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