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GOLD 11/04/2014
2014-04-11 15:50:25


The metal faced strong resistance yesterday at 1323.20 at 78.6% correction of CD Leg of the bullish harmonic AB=CD Pattern, as the price should breach this level to confirm extending the upside move and the strength of the referred to pattern. The mentioned level matches Linear Regression Indicator 55 strengthening the importance of breaching it, especially that Linear Regression Indicator 55 is still negative.

Despite that, stability above 1300.00 is positive, as MACD and RSI 14 are still showing positivity forcing us to think that the upside move might extend. We count today on stability above 38.2% correction at 1309.35 of the bullish wave that started from the bottom 1182.46 reaching the top 1387.82, as this correction triggers further attempts to breach the resistance 1323.20.
 
 
Support 1315.00 1309.35 1305.00 1300.00 1296.25
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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