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GOLD 22/04/2014
2014-04-22 15:58:59



The metal dropped yesterday but failed to stabilize below 50% correction at 1285.00 showing on graph. AROON Indicator is showing a downside move, as RSI is trading below line 50 and Linear Regression Indicators are trading negatively.
Despite the mentioned negativity, betting on a downside move today is risky as the metal should break 1285.00 and stabilize below it then trading below the last bottom at the support 1277.00 levels to confirm the downside move. Therefore, we prefer to remain neutral today waiting for confirmation signals.
 
 
Support 1285.00 1280.00 1277.90 1272.00 1266.50
Resistance 1293.15 1296.30 1300.00 1305.00 1309.35
Recommendation
Based on the above, we prefer to remain neutral.
For traders who are willing to bet on stabilizing above 1285.00 and buy Gold, stop-loss should be placed below 1277.00. But for those who are willing to bet on stabilizing below the psychological level 1300.00, stop-loss of the selling position should be placed above 1309.35.

 



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