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GOLD 08/05/2014
2014-05-08 16:19:57


The metal dropped sharply yesterday after failing to remain stable above 1309.35 and achieved the stop-losssuggested in yesterday's recommendation, but failed to break below 50% correction at 1285.00 showing on graph. The downside move is only a retest to the bearish resistance level that started from the top 1387.00; as the price is close to 50% correction, we will bet today on an upside move only by counting on stability above 1285.00 and the referred to bearish resistance that was previously breached.
On the above graph, we notice higher lows supporting our decision today of becoming neutral despite achieving yesterday's stop-loss of our buying position, but we will place stop-loss at 1276.00 and we will reverse our expectations to negative if achieved.
 
 
Support 1285.00 1280.00 1277.90 1272.00 1266.55
Resistance 1293.00 1296.60 1300.00 1305.00 1309.35
Recommendation
Based on the above, long gold at 1290.00, targeting 1296.00, 1330.00, then 1309.00, and stop-loss below 1276.00.
In case of stop-loss, selling gold below 1276.00 targeting 1266.00 and 1260.00 then 1250.00 with stop-loss above 1296.25 levels.


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