Gold: Prefer To Remain Intraday Neutral
ICN.com | Oct 29, 2014 05:06AM ET
Gold witnessed heavy volatility yesterday and attempted to move to the upside but remained limited below 1236.15, and stabilizing below the referred to level fails any bullish attempt. By examening MACD, we notice weak signals in addition to an attempt to show negativity accompanied by RSI not being able to stabilize above line 50.
From the downside, extending the downside move requires breaking 1215.75 and stabilizing below it, or the metal remains within the sideways range 1236.15 and 1215.75. Despite that we prefer to remain intraday neutral because Risk/Reward Ratios are inappropriate, we suggest an intraday position today as will be updated later, taking into consideration the Fed's decision today that could cause volatility in financial markets.
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