Gold Drops, Trading Below 1294.65
ICN.com | Jan 27, 2015 05:01AM ET
Gold prices dropped yesterday and is trading below Linear Regression Indicator 34 and below 1294.65. Holding below the referred to level is negative and could extend the bearish correction. We currently target retesting the previously breached resistance close to 1263.45 at 61.8% correction showing above. MACD signal lines is achieving a negative crossover, and RSI is trading slightly to the downside supporting the possibility of extending the bearish correction.
Only a break above 1308.55 fails the bearish correction. Over intraday basis, we depend on stabilizing below 1294.65 to keep the negative expectations for today.
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