NTGOLD - NEWS

GOLD 28/02/2014

2014-02-28 15:24:32

The metal remained above 78.6% correction of CD Leg of the bullish harmonic AB=CD Pattern at 1323.20 which is an interval, as stability above this level might be positive especially with the positivity showing on Linear Regression Indicator 34 and 55. On the other hand, RSI 14 and MACD are still negative accompanied by rebounding from 1341.10 levels to the downside and forming a long bearish candle. Therefore, we prefer to remain neutral waiting for confirmation signals.


Support	1323.20	1315.00	1310.00	1300.00	1296.25
Resistance	1330.00	1335.00	1341.10	1347.20	1350.00
Recommendation	Based on the above, we prefer to remain neutral waiting for confirmation signals. For traders who want to bet on the negative divergences showing on technical indicators, its possible to short the metal below 1330.00 with targets at 1323.20, 1315.00 then 1310.00, with stop-loss above 1341.10.

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