• GOLD - Weekly Report

    News Date: 30/6/2014 07:17:17

    Based on Fibonacci rules, the metal is stable above 50% correction at 1314.00 showing on graph. Stabiizing above 50% correction favors testing 61.8% correction at least, which means touching 1331.45. AROON Indicator is showing weakness in the bullish strength and MACD is showing the ongoing upside move despite its weakness.

    Linear Regression Indicators are trading positively forcing us to expect further bullishness this week that depends on the metal’s ability to breach 1331.45, as a break above the latter pushes the price towards 78.6% correction around 1356.25. From the downside, breaking 1296.60 fails the bullish wave, but we prefer to keep trading above 1300.00 to strengthen the bullish possibility.

    Support 1314.00 1309.35 1300.00 1296.60 1292.50
    Resistance 1324.35 1331.45 1339.35 1341.10 1356.25
    Based on the above, buy gold above 13140.00 targeting 1324.00, 1331.35 then 1356.00 and stop-loss below 1296.00 this week

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