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GOLD 28/05/2014
2014-05-28 16:21:13


The metal dropped sharply yesterday and we sold it at 1276.00 after achieving the stop-loss of the buying position, then resold gold at 1266.00 with updates that were sent to our subscribers. By examening the graph above, we notice that the metal achieved the awaited target represented in 61.8% correction at 1260.00 by breaking 1276.00 levels. But the bearish continuous symmetrical Triangle Pattern didn't achieve its targets yet, which favors an attempt to break 1260.00 and move directly towards 1226.40 represented in 78.6% correction.

The bearish possibility remains valid by stabilizing below 1296.60, but stability below 1285.15 strengthen it. Yesterday's long candle is negative and supports the bearish extension for today, as a bullish correction is needed to sell the metal again.
 
 
Support 1262.00 1260.90 1256.20 1250.00 1248.00
Resistance 1272.00 1278.00 1285.15 1293.00 1296.60
Recommendation
Based on the above, sell gold below 1272.00 targeting 1260.90, 1250.00, then 1226.40 and stop-loss above 1296.60.

 

 



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