Gold Weekly Technical Report 1-5/9/2014

The metal traded last week between 61.8% correction from the downside and 50% correction from the upside at 1280.25 and 1292.65 which are the key levels of this week, and trading between them makes the trend unclear. AROON crossed over negatively but is still weak and MACD signal lines are weak and trading above line zero. Linear Regression Indicators are positive but the metal is trading between them.

Therefore, we prefer to remain intraday neutral in our weekly report, as we recommend following up with this report waiting for confirmation signals and updates will be sent for subscribers. Generally, breaking 1280.25 and stabilizing below it could trigger a new attempt to the downside, but breaching 1292.65 and stability above it triggers a new bullish rush.