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GOLD 09/05/2014
2014-05-09 15:41:30


The metal remained limited above 1285.10 yesterday keeping the positive expectations. We notice today a negative crossover on Linear Regression Indicators which contradicts with the positivity of stabilizing above 1285.10. We depended yesterday on achieving higher lows, however, as the price is stable above 1277.00 - 1276.00 strengthening the possibility of a bullish wave.
Therefore, we will benefit from the appropriate Risk/Reward Ratios to suggest an upside move for today with the same stop-loss and break 1277.00. As soon as the stop-loss is achieved we will become negative.
Breaching and stabilizing above 1300.00 levels is significant to confirm positivity today and the upcoming period.
 
 
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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