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Gold 05/06/2014
2014-06-05 15:37:31


The metal traded in a sideways range this week within a strong bearish wave achieved by the bearish continuous Symmetrical Triangle Pattern forming another bearish continuous formation. Trading below 1261.00 is negative and could trigger bearishness, while stabilizing below 1250.80 is more negative.

We wait for the next target to be achieved represented in 78.6% - 76.4% corrections at 1226.40. Linear Regression Indicators are negative and AROON is showing weakness in the bearish strength but with extending negativity.

 
 
 
Support 1241.00 1236.50 1231.05 1226.40 1221.75
Resistance 1248.00 1250.80 1256.20 1262.00 1266.55
Recommendation
Based on the above, sell gold below 1245.00 targeting 1236.00, 1226.40, then 1205.90 and stop-loss above 1267.00.

 

 



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