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GOLD 07/04/2014
2014-04-07 16:22:13


The price managed to stabilize above 1300.00 in last Friday's trading, as the metal managed to trade again above 61.8% correction of CD Leg of the bullish harmonic AB=CD Pattern at 1292.60 - 1293.00 despite the slight bearishness today. Stabilizing above the referred to level is positive indicating the possibility of ending the bearish correction.

Stabilizing above 1285.00 is significant to keep the positive outlook, while breaking 1277.00 could deepen the bearish correction towards 61.8% correction of the bullish wave that started from 1182.00 reaching the top 1387.00.

Of note, some traders showed that the metal's top of last March was abpve 1390 dollar, but we will depend on the highest levels 1287.00 - 1288.00 due to the Fibonacci rythm with the Gold's movement.
 
 
Support 1296.00 1292.60 1285.15 1277.90 1271.00
Resistance 1309.40 1323.20 1330.00 1339.35 1341.10
Recommendation
Based on the above, buy gold above 1296.00 targeting 1309.35 then 1323.20 and 1339.35 and stop-loss below 1377.00 this week.

 



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