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Gold 17/06/2014
2014-06-17 16:35:33



The price failed to breach the resistances 1285.15 and 1288.00 pushing the metal sharply to the downside now towards levels close to 61.8% correction at 1260.00 showing on graph. In fact, we cannot take any position now, and despite that extending the downside move is possible triggered by the long bearish candle formed yesterday, the price has to stabilize below 61.8% correction especially that Linear Regression Indicator 55 is close to it.
Hence, we remain neutral especially that the distance between the metal and the key resistance level 1288.00 is bigger than the distance between the metal and the pivotal support 1260.90, which makes Risk/Reward Ratios are inappropriate.
 
 
Support 1260.90 1256.20 1250.80 1248.00 1244.50
Resistance 1268.00 1272.00 1278.00 1285.15 1288.00
Recommendation
Based on the above, we prefer to remain neutral today because Risk/Reward Ratios are inappropriate.

 

 



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