GOLD

The metal is trading in a slight bullish bias that is a normal correction after a series of strong downside moves earlier. Linear Regression Indicators and MACD are negative, but the oversold signals showing on RSI forcing us to think that the possibility of fluctuation and bullish correction is valid. We will not depend on this correction but we will wait for new good levels to sell the metal again.

Only a break above 1261.00 could fail the negative outlook intraday, and stabilizing below this level keeps trading below 61.8% correction and keeps the possibility of further bearishness to touch 1226.40 represented in 78.6% correction valid.

 

Based on the above, sell gold at 1248.00 targeting 1241.00, 1231.50, then 1226.40 and stop-loss above 1267.00