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GOLD 10/04/2014
2014-04-10 16:27:23

 
The metal managed yesterday to maintain trading above the psychological barrier 1300.00 during the downside move which brought the bullish bias again and stabilized above 38.2% correction at 1309.35. Stability above the referred to level is positive, but the metal has to breach today 1323.20 that represents the first extended target of the bullish harmonic AB=CD Pattern, as stabilizing above it is significant to confirm bringing back the pattern's effect.

MACD is positive and RSI is trading above line 50 positively forcing us to think that the upside move is valid. Of note, breaching 1323.20 is significant especially that Linear Regression Indicator 34 matches this level and increases the importance of breaching it.
 
 
Support 1309.35 1305.00 1300.00 1296.25 1293.00
Resistance 1323.20 1330.00 1335.00 1339.35 1347.20
Recommendation
Based on the above, buy gold above 1315.00 targeting 1323.00, 1330.00 then 1339.00 then stop-loss below 1305.00.


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