Gold Weekly Technical Report 26-30/1/2015
ecPulse
2015-01-26 07:55AM UTC
Gold prices stabilized below 78.6% correction represented in the psychological barrier 1300.00, as the price failed to achieve a daily closing above it last Friday pushing it back to the downside. Trading remained above Linear Regression Indicator 34 as showing on graph above, while RSI and MACD are weak and showing a bearish attempt. Therefore, we will bet on a bearish correction because Risk/Reward Ratios are appropriate.
A break below 1285.15 is significant to confirm extending the downside move, and breaching 1308.55 fails any bearish correction and pushes the metal in another bullish wave.
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