Gold forecast 08.05.14

The metal dropped sharply yesterday after failing to remain stable above 1309.35 and achieved the stop-losssuggested in yesterday's recommendation, but failed to break below 50% correction at 1285.00 showing on graph. The downside move is only a retest to the bearish resistance level that started from the top 1387.00; as the price is close to 50% correction, we will bet today on an upside move only by counting on stability above 1285.00 and the referred to bearish resistance that was previously breached. On the above graph, we notice higher lows supporting our decision today of becoming neutral despite achieving yesterday's stop-loss of our buying position, but we will place stop-loss at 1276.00 and we will reverse our expectations to negative if achieved.
Support	1285.00	1280.00	1277.90	1272.00	1266.55
Resistance	1293.00	1296.60	1300.00	1305.00	1309.35
Recommendation	Based on the above, long gold at 1290.00, targeting 1296.00, 1330.00, then 1309.00, and stop-loss below 1276.00. In case of stop-loss, selling gold below 1276.00 targeting 1266.00 and 1260.00 then 1250.00 with stop-loss above 1296.25 levels.

For more detail Please Contact 092 749966,093 749966 lekchansour@gmail

Gold forecast daily

 

Gold price’s trading settled below 1300.00 level as we mentioned in our last technical update, to delay resuming the overall bullish trend, and the trading is confined between the sideways range lines which are represented by 1277.60 support and 1320.00 resistance, and the price needs to surpass one of these levels to detect its next targets clearly.

Stochastic provides positive signals that supports achieving some bullish bias in the upcoming period, but we prefer monitoring gold price behavior according to the above mentioned levels to get clearer confirmation signals, pointing that breaking 1277.60 support will push the price to visit 1250.00 level mainly, while breaching above the resistance will open the way for targeting 1350.00 then 1400.00 levels initially.

Expected trading range for today is between: 1270.00 support and 1320.00 resistance.

Expected trend for today: Sideways

For more detail Please Contact
 092 749966,
093 749966
 lekchansour@gmail