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GOLD 08/07/2014
2014-07-08 15:09:09


With the beginning of the European trading session today, the metal stabilized above 50% correction at 1314.00 showing on graph. But the negative signals on MACD are valid and the positive line of AROON Indicator is still moving to the downside. Hence, the bearish possibility is valid as long as the price kept trading below 1331.45 represented in 61.8% correction.
Confirming the bearish correctional move requires breaking the support 1309.35, but we want to bet today on a downside move based on the negative signals showing on the mentioned indicators and failing to breach 618% correction, taking into consideration that we will change our expectations if the price broke above 1331.45.

 
 
 
Support 1314.00 1309.35 1305.00 1300.00 1296.60
Resistance 1324.35 1331.50 1339.75 1348.40 1350.00
Recommendation
Based on the above, sell gold below 1320.00 targeting 1314.00, 1309.35, then 1300.00 and stop-loss above 1332.00.

 



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