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GOLD 26/05/2014
2014-05-26 14:58:33

 


Thin trades for gold are stable around Linear Regression Indicators, between 1309.35 from above and 1277.00 from below. Stability between those levels shows the sideways trading range for the metal. Over four-hour basis, MACD and RSI 14 offer weak signals and accordingly we need to see a break below 1277.00 support or a breach of 1309.35 resistance to confirm a trend for gold.

In the past period, gold attempted to break 1277.00 and failed, stabilizing above 50% correction of the upside wave on graph. We will depend on this level at 1285.00 to expect a new upside move. A breakout below 1277.00 support will make us reconsider our expectations, and accordingly we recommend reviewing our updates for new signals.
 
 
Support 1290.00 1285.10 1277.90 1271.00 1266.55
Resistance 1296.60 1300.00 1309.35 1318.10 1324.35
Recommendation

Based on the above, buy gold above 1290.00 targeting 1300.00, 1309.25 then 1324.00 and stop-loss below 1276.00 this week

If the stop-loss is triggered, sell gold below 1276.00 targeting 1266.00, 1260.00 then 1250.00 and stop-loss above 1297.00

 

 



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