Gold Trades Below Linear Regression Indicators
ICN.com | Jan 30, 2015 04:49AM ET
Gold dropped yesterday and is trading below 61.8% correction at 1263.45. We also notice that the price fell and is trading below Linear Regression Indicators, accompanied by trading below the key resistance level as showing on graph. Therefore, the downside move could extend and we are currently target retesting 1238.25 at 50% correction.
RSI and MACD are showing a negative bias supporting the possibility of extending the bearish correction. From the upside, only a break above 1285.15 weakens the negative possibility, but we prefer to keep trading below 1263.50 to strengthen the bearish possibility today.
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