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GOLD 14/05/2014
2014-05-14 15:48:52

The metal fluctuated heavily on Monday and Tuesday but remained limited above 1285.00 and Linear Regression Indicator 34 and 55. The price also stabilized above the bearish resistance showing on graph. Therefore, the bullish possibility is still valid and trading above 1285.00 strengthens the possibilities of new attempts to stabilize above 1300.00.

from the downside, a break below 1277.00 changes our expectations from positive to negative and could trigger bearishness towards 1260.00 represented in 61.8% correction showing on graph.
 
 
Support 1290.00 1285.00 1280.00 1277.00 1272.00
Resistance 1296.60 1300.00 1305.00 1309.35 1315.00
Recommendation
Based on the above, long gold at 1290.00, targeting 1296.25, 1300.00, then 1315.00, and stop-loss below 1276.00.
In case of stop-loss, selling gold below 1276.00 targeting 1272.00 and 1266.00 then 1260.00 with stop-loss above 1293.00 levels.

 

 



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