NTGOLD - NEWS

GOLD - 15/04/2014

2014-04-15 20:53:46

The metal failed yesterday to stabilize above 1323.20 reducing positivity to an extent. MACD is still showing positive signals and RSI is still stable above line 50 despite the slight bearishness, which keeps the possibility of the overall upside move. Due to failing to stabilize above 1323.20, we should not rule out any deep bearish corrections, whereas if these corrections breaks 1292.60 and 1285.10, the overall upside move remains valid. We will count on stabilizing above the psychological level 1300.00 to expect a new bullish wave today, but we prefer stability above 1309.35 to strengthen the bullish possibility.


Support	1315.00	1309.35	1305.00	1300.00	1296.25
Resistance	1323.20	1330.00	1335.00	1339.35	1347.20
Recommendation	Based on the above, buy gold above 1315.00 targeting 1323.00, 1330.00 then 1339.00 then stop-loss below 1305.00

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