Gold forecast 07.05.2014

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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Gold forecast

On the four-hour graph, we notice a positive crossover on Linear Regression Indicators accompanied by trading around 1309.35 represented in 38.2% correction of the bullish wave that started from the bottom 1182.00 reaching the top 1387.00. Stability above 1300.00 is positive; but because RSI touched line 70 then dropped, the metal should stabilize above 1309.35 to keep the bullish bias without any corrections. Generally, stabilizing above 1277.00 keeps the bullish possibility valid, but stability above 1285.00 is required to strengthen this possibility. Support 1305.00 1300.00 1296.25 1293.00 1285.00 Resistance 1315.00 1323.20 1331.40 1339.35 1347.20 Recommendation Based on the above, long gold above 1309.35, targeting 1323.00, 1339.00, then 1347.00, and stop-loss below 1296.00. Note: This is only to define the trend, for more details please visit theRecommendation section For more detail Please Contract 092 749966, 093 749966 lekchansour@gmail