Posted on May 15, 2015 09:13
Gold prices ticked down overnight and unable to close above the resistance 1226.
Tenken Sen and kijun shifted above the candles and indicating some correction in h1 graph, it can hit 1213 and will be supported above this level. Senko span A is above then the Senko Span B, will act as a good support for this metal near price area 1213.
Furthermore the RSI of 14 days is overbought, some correction is expected. We will remain bullish but near 1205-1213 price zone.
Scenario:
Recommendations (Sell) Key Supports:
Entry Point: 1.5810 S1 1.5731
Take Profit : 1.5750 S2 1.5686
Stop Loss: 1.5840 S3 1.5645
Alternative Scenario:
Recommendations (Buy) Key Resistance:
Entry Point: 1.5850 R1 1.5817
Take Profit : 1.5895 R2 1.5858
Stop Loss: 1.5800 R3 1.5903