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Gold 11/06/2014
2014-06-11 15:35:51

 


The metal inched higher and is trading above Linear Regression Indicators and slightly above 61.8% correction at 1260.90 which is an intraday interval, as we depended on this level earlier to keep our negative expectations. Stabiliing above Linear Regression Indicators and the referred to correction are positive, especially if accompanied by the positive crossover on MACD and a sharp drop in the bearish strength as showing on AROON Indicator.
Despite the positive catalysts, we cannot bet on an upside move now as th eprice is still within an overall downside move, forcing us to wait before moving to positivity. Hence, we remain neutral today waiting for confirmation signals and we will monitor the price at 1260.90.

 
 
 
Support 1260.90 1256.20 1250.80 1244.50 1241.00
Resistance 1266.55 1272.00 1278.00 1285.15 1293.00
Recommendation
Based on the above, we prefer to remain neutral waiting for confirmation signals.

 

 



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