Monday, 5 May 2014

Gold Trading Recommendation (05/05/2014)

The metal failed to remain stable below 1277.00 levels pushing it strongly to the upside and is trading above 1300.00 with the beginning of the week. Trading again above the referred to level is positive but confirming positivity requires stability above 1309.35. MACD is showing a new attempt to be positive and RSI 14 is trading above line 50, as Linear Regression Indicator 34 is still positive. All the referred to catalysts forces us to think that there is a bullish possibility this week that is confirmed by stabilizing above 1309.35.

Support: 1300.00, 1296.00, 1292.60, 1285.10, 1277.90
Resistance: 1309.35, 1315.00, 1323.20, 1330.00, 1339.35

Gold Trading Recommendation (05/05/2014) Based on the above, buy the Gold above 1300.00 targeting 1309.35 and 1323.20 then 1339.35 with stop-loss below 1285.10

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