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Gold 10/06/2014
2014-06-10 15:54:55


Trading tends to the upside but is still limited below 61.8% correction at 1261.00 showing on graph. Stabilizing below the referred to level forces us to keep our negative expectations, whereas Fibonacci rules indicates that breaking 61.8% correction favors a downside move to touch 76.4% - 78.6% correction around 1226.40.
Therefore, we expect a downside move today and stabilizing below Linear Regression Indicator 55 supports that, as Linear Regression Indicator 55 and 34 are both negative. AROON Indicator is showing weakness in the bearish strength, and MACD is also showign great weakness in the positive crossover attempt.

 
 
 
Support 1250.80 1248.00 1244.50 1241.00 1236.50
Resistance 1256.20 1262.00 1266.55 1272.00 1278.00
Recommendation
Based on the above, sell gold below 1255.00 targeting 1250.80, 1236.50, then 1226.40 and stop-loss above 1267.00.

 

 

 



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