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Gold 02/07/2014
2014-07-02 15:54:47


The price touched 1331.45 levels correction several times yesterday, this level represented in 61.8% of the bearish wave that started from the top 1387.00 - 1390.00 reaching the bottom 1240.22, as this correction is a resistance and will determine the upside move today. But Linear Regression Indicators, MACD and AROON are positive forcing us to think that there are further attempts to breach 1331.45 to rally to the upside towards 78.6% correction at 1356.25.
Only a break above 1314.00 weakens the intraday positive expectations; if the metal fail to achieve the mentioned break, then the bullish possibility remains valid.

 
 
 
Support 1324.35 1318.10 1314.00 1309.35 1305.00
Resistance 1331.50 1339.75 1348.40 1350.00 1356.25
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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