Gold: Trading Slightly Above Resistance Of Downside Move
ICN.com | Sep 30, 2014 04:02AM ET
On the four-hour interval graph, we notice that the metal is trading slightly above the resistance of the downside move, but at the same time, we notice that trading was limited below the resistance 1226.60 and above the support 1211.90. We changed our expectations several times yesterday but today we will stay on the sidelines because the price is in a sideways range.
Trading between 1211.90 and 1226.60 forces us to prefer the sidelines because the metal is attempting to exit the descending channel, the negative signals on RSI and MACD and trading around Linear Regression Indicators.
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