Technical analysis of Gold for May 2, 2014
Gold moved lower to find support at the 1280 (S1) barrier. The precious metal remains below the blue downward
sloping resistance line and considering the downward slope of both the RSI and the MACD, I would consider the shortterm picture to remain negative. A dip below the 1280 (S1) hurdle may trigger extensions towards the next support at
1268 (S2). Nonetheless, in the bigger picture, we can identify positive divergence between the daily MACD and the price
action, indicating decelerating bearish momentum, and this could probably keep any further declines limited.
• Support: 1280 (S1), 1268 (S2), 1250 (S3).
• Resistance: 1305 (R1), 1330 (R2), 1342 (R3)
Technical analysis Team
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