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Gold 01/07/2014
2014-07-01 16:17:37


The metal moved to the upside yesterday after consolidating at levels close to Linear Regression Indicator 34. The price managed to touch around 61.8% correction at 1331.45 of the bearish wave showing on graph which represents an intraday interval of the pair's movement. The positivity still showing on Linear Regression Indicator 34 and 55, in addition to the positivity of AROON and MACD forces us to think of a possibility of extending the upside move.
Only a break below 1314.00 weakens the positive expectations, while breaking the support 1309.35 could fail positivity today. From the upside, breaching 1331.45 and stabilizing above it triggers a new bullish wave targeting 78.6% correction at 1356.25 levels.
 
 
Support 1324.35 1318.10 1314.00 1309.35 1305.00
Resistance 1331.50 1339.75 1348.40 1350.00 1356.60
Recommendation
Based on the above, buy gold above 1324.35 targeting 1331.00, 1348.00, then 1356.60 and stop-loss below 1311.00.

 

 



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