Gold Morning Technical Report 22/10/2014

The metal touched 50% correction at 1252.65 showing above and rebounded to the downside due to failing to stabilize above the referred to level. In fact, failing to stabilize above the referred to level favors some bearish correction. But trading above 1236.15 keeps the possibility of extending bullishness intraday today.

Linear Regression Indicators, MACD and RSI are positive, which forces us to keep our positive expectations. Its significant to breach 1252.65 and stabilize above it to cancel any possibility of a bearish correction before extendign the upside move.