Friday, 17 October 2014

Gold Trading Recommendation (17/10/2014)

The metal moved slightly to the downside yesterday but is still above 1236.15. Trading above the referred to level at 38.2% correction forces us to keep our positive expectations targeting 1269.15 and 1253.00 at 61.8% and 50% corrections consecutively. Linear Regression Indicators are positive, MACD and RSI tend to be positive forcing us to bet on an upside move.

From the downside, only a break below 1215.75 fails the current bullish wave, but we prefer to keep trading above 1236.15 to strengthen the bullish possibility intra-day today.

Support: 1236.15, 1231.05, 1226.60, 1220.00, 1215.75
Resistance: 1240.25, 1244.50, 1248.00, 1253.00, 1269.15

Recommendation Positive expectations above 1236.15, risk-limit below 1220.00.

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