Gold: Indicators Still Showing Negative Bias
ICN.com | Sep 03, 2014 06:39AM ET
The metal dropped touching the suggested target 1262.65 that represent the possibility of forming a positive bullish formation that could be the bullish harmonic Bat Pattern later, or perhaps Gartly Pattern but won't be ideal. Therefore, 1262.65 and 1252.15 are key levels to achieve or fail the technical formation.
Technical indicators are still showing a negative bias and not confirming the end of the downside move, as we need to monitor the price at these levels and we could risk to buy the metal later close to 1252.15 levels. We will currently remain neutral waiting for confirmation signals or approaching 1252.15 where Risk/Reward Ratios would be appropriate.
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