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GOLD 16/05/2014
2014-05-16 15:23:58




The metal moved back to the downside after failing again to stabilize above 1309.35 which took the pair to trade below 1300.00. But confirming the failure of the bullish wave requires stability below 1285.00 and confirm that also by breaking 1277.00. On the other hand, stabilizing above 1309.35 is important to confirm positivity. Therefore, we prefer to remain neutral today.
By examening the technical indicators, we notice a negative crossover on MACD and a downside move below line 50 of RSI. Linear Regression Indicator 34 stopped the upside move which is negative, but as referred to earlier, this negativity should be confirmed by breaking 1277.00. From the upside, a break above 1309.35 brings positivity back.
 
 
Support 1300.00 1305.00 1309.35 1318.10 1324.35
Resistance 1293.00 1285.00 1280.00 1277.90 1272.00
Recommendation
Based on the above, we prefer to remain neutral today.

 

 



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