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GOLD 28/04/2014
2014-04-28 15:55:39


The upside move we witnessed on Thursday and Friday indicates the possibility of turning from bearish to bullish especially that the bullish rebound brought the metal back above 50% correction at 1285.10 showing on graph. But we are currently worried about RSI failing to stabilize above line 50, as it dropped after touching levels around it. Bringing positivity back to RSI, the metal has to breach 38.2% correction at 1309.35 and stabilize above it.

The possibility of breaching 1309.35 is valid, whereas Linear Regression Indicators has positively crossed over and Linear Regression Indicator 34 is trading positively, we still need Linear Regression Indicator 55 to be positive. There is a possibility of a positive divergence on MACD that hasn't been confirmed yet. Only breaking 1277.00 could fail the psoitive outlook, but we should depend on a break above 1285.10 to keep the positive expectations in order to keep Risk/Reward Ratio appropriate.
 
 
Support 1300.00 1296.00 1292.60 1285.10 1277.90
Resistance 1309.35 1315.00 1323.20 1330.00 1339.35
Recommendation
Based on the above, buy the metal above 1300.00 targeting 1309.35 and 1323.20 then 1339.35 with stop-loss above 1285.10.


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