Tuesday, 7 January 2014

Gold Trading Recommendation (07/01/2014)

Gold maintains the bullish bias after breaking above 1220.00 resistance level and neckline for a minor double bottom formation, to extend the upside towards the 50-days SMA where it found some resistance yesterday. The bullish bias may extend further probably for a retest of 1265.00 horizontal main resistance level. However, due to the resistance at the 50-days SMA we might see some intraday pullbacks before heading higher. Holding back below 1220.00 may result in resuming the bearish bias.


Support:       1232.00, 1227.00, 1220.00, 1214.00, 1207.00
Resistance: 1248.00, 1252.00, 1258.000, 1265.00, 1270.00

Gold Trading Recommendation (07/01/2014) Long above 1232.00, targets at 1245.00 and 1260.00. Stop loss below 1219.0.

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