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GOLD 13/05/2014
2014-05-13 16:15:25


The metal failed again to trade above 1300.00 but is still limited above 1285.00 and the significant support 1277.00. Stability above 1285.00 and 1277.00 forces us to ignore the negative signals showing on graph, whereas MACD failed to breach line zero and RSI is trading agian below line 50 to the downside.

Generally, ignoring the negative signals is based on breaking above the bearish resistance showing on graph, as the referred to ascending bottoms still forces us to be positive. But breaking 1277.00 pushes us back to be negative.
 
 
Support 1285.00 1280.00 1277.90 1272.00 1266.55
Resistance 1296.60 1300.00 1305.00 1309.35 1318.10
Recommendation
Based on the above, long gold at 1290.00, targeting 1296.00, 1300.00, 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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