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GOLD 21/05/2014
2014-05-21 15:23:15


After touching the support 1285.00, the metal rebounded to the upside again during yesterday's trading session and closed the daily candle above Linear Regression Indicator 34 and 55 as showing on graph. The mentioned above is positiveand cancels the negativity that started last Monday which might trigger new bullish attempts and stability above 1300.00 for a new attempt to breach the strong resistance 1309.35.
Of note, RSI 14 is negative and MACD despite being neutral, its signal lines are trading below line zero which requires not to break 1277.00 to strengthen the bullish possibility. A break below 1277.00 sends the price towards 61.8% correction at 1260.90 showing on graph.
 
 
Support 1290.00 1285.00 1280.00 1277.90 1272.00
Resistance 1296.60 1300.00 1305.00 1309.35 1318.10
Recommendation
Based on the above, long gold above 1290.00, targeting 1296.00, 1300.00, then 1309.00, and stop-loss below 1276.00.


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The process of producing gold 1) Metallurgy. 2) Metal working and check. 3) Producing.
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