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GOLD 05/05/2014
2014-05-05 14:59:27


The metal failed to remain stable below 1277.00 levels pushing it strongly to the upside and is trading above 1300.00 with the beginning of the week. Trading again above the referred to level is positive but confirming positivity requires stability above 1309.35. MACD is showing a new attempt to be positive and RSI 14 is trading above line 50, as Linear Regression Indicator 34 is still positive. All the referred to catalysts forces us to think that there is a bullish possibility this week that is confirmed by stabilizing above 1309.35.

Of note, bullishness requires stability above 1277.00, but we should count on 50% correction at 1285.10 to keep our positive expectations and 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 below 1285.10.

 

 



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