Articles
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GOLD - Weekly Report
News Date: 10/11/2014 07:40:21
The metal moved sharply to the upside last week and stabilized above 1155.45 at 113% correction giving it further bullish momentum. We cannot depend on this upside move as further bullish correction is possible based on the long bullish candle, but trading below 1230.90 for the week is negative, while stabilizing below 1205.00 is more negative.
Therefore, we wait for the price to reach appropriate levels to sell the metal again this week; and intraday, its possible to benefit from approaching the psychological barrier 1200.00 to re-sell the metal. Linear Regression Indicators are still negative, and the positive signals on RSI are weak, and MACD still didn’t confirm the positive crossover on its signal lines.
Support 1160.00 1155.75 1148.80 1135.35 1127.00
Resistance 1176.00 1182.45 1196.00 1200.00 1205.90
Recommendation
We remain neutral waiting for more appropriate entry levels
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