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Gold 03/07/2014
2014-07-03 15:31:23


The positive signals showing on the metal weakened as it dropped yesterday after touching levels around 61.8% correction again. The referred to correction resides at 1331.45 and it should be breached to extend the upside move, and without that break above, its risky to remain positive today because the metal is trading now below Linear Regression Indicator 34, while MACD and AROON Indicators are showing weakness in the bullish strength.
Desoute that the overall upside move that started from the bottom 1240.22 isn't confirmed that its over, we remain intraday neutral today due to failing to breach 61.8% correction this week for three consecutive trading sessions. Breaking 1314.00 makes the bearish correction deeper, while breaching 1331.45 brings positivity back.
 
 
Support 1318.10 1314.00 1309.35 1305.00 1300.00
Resistance 1324.35 1331.50 1339.75 1348.40 1350.00
Recommendation
Based on the above, we prefer to remain neutral today.


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