Gold Moves Back To Downside
ICN.com | Jan 22, 2015 04:21AM ET
Gold prices moved back to the downside yesterday after failing to stabilize above the psychological barrier 1300.00 close to 78.6% and 76.4% corrections. Trading below the referred to levels formed a negative candle formations which could lead to some bearish correction that will be limited unless the price breaks 1263.45.
Therefore, we prefer to remain neutral intraday as the bearish correction will not change the overall upside move in light of the positivity showing on Linear Regression Indicators and MACD. Trading again above 1300.00 forms a new bullish wave, while breaking 1263.45 gets the metal into a deep bearish correction. We will update this report for subscribers after any intraday technical signal.
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