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GOLD 20/05/2014
2014-05-20 15:55:44

Yesterday's upside move remained limited below 1309.35 again which worries us regarding the positive expectations and could change them to negative if the metal broke 1277.00 today. In fact, yesterday's candle is negative and indicates that the demand on gold failed to dominate the trading. RSI is currently trading below line 50 in a downside move accompanied by an attempt to break Linear Regression Indicators.
Therefore, breaking 1276.00 triggers a downside move towards 1260.00 represented in 61.8% correction, but we should wait to achieve the referred to break to confirm this negative outlook. On the other hand, breaching 1300.00 triggers a new attempt to the upside.
 
 
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, short gold by breaking 1276.00, targeting 1266.00, 1260.00, then 1250.00, and stop-loss above 1293.00.
 

 



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