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GOLD 06/05/2014
2014-05-06 16:05:31


On the four-hour graph, we notice a positive crossover on Linear Regression Indicators accompanied by trading around 1309.35 represented in 38.2% correction of the bullish wave that started from the bottom 1182.00 reaching the top 1387.00. Stability above 1300.00 is positive; but because RSI touched line 70 then dropped, the metal should stabilize above 1309.35 to keep the bullish bias without any corrections.

Generally, stabilizing above 1277.00 keeps the bullish possibility valid, but stability above 1285.00 is required to strengthen this possibility.
 
 
Support 1305.00 1300.00 1296.25 1293.00 1285.00
Resistance 1315.00 1323.20 1331.40 1339.35 1347.20
Recommendation
Based on the above, long gold above 1309.35, targeting 1323.00, 1339.00, then 1347.00, and stop-loss below 1296.00.

 



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