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Gold 18/06/2014
2014-06-18 15:42:06


The price stopped moving to the downside yesterday after touching around Linear Regression Indicator 55 and around the support 1260.90 represented in 61.8% correction showing on graph. Failing to break the referred to level limits our ability to be negative today especially that AROON is still showing the bullish extension despite weakness in the bullish strength.
Therefore, we prefer to remain neutral today waiting for confirmation signal, and breaching 1285.00 could form a bullish wave while breaking 1260.60 and stabilizing below it could bring back the downside move again.

 
 
 
Support 1266.55 1260.90 1256.20 1250.80 1248.00
Resistance 1272.00 1278.00 1285.15 1288.00 1293.00
Recommendation
Based on the above, we prefer to remain neutral today because Risk/Reward Ratios are inappropriate.

 

 



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