 Yesterday's volatility remained limited above Linear Regression Indicator 55, as we witness today a new attempt to confirm stability above 1309.35 levels. The metal should stabilize above the mentioned level 1309.35 in order not to form bearish corrections especially that RSI 14 and MACD are showing weakness. Generally, trading above 1300.00 is positive today while the overall upside move depends on stability above 1277.00. Of note, resistance levels 1318.10 and 1324.35 could be strong, so the metal should break above these levels to extend the upside move. | |||||
| Support | 1309.35 | 1305.00 | 1300.00 | 1296.25 | 1293.00 |
| Resistance | 1318.10 | 1324.35 | 1331.50 | 1339.75 | 1348.40 |
| Recommendation |
Based on the above, long gold at 1309.35, targeting 1324.00, 1339.00, then 13487.00, and stop-loss below 1296.00.
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May 7, 2014
Gold forecast 07.05.2014
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