Thursday, November 1, 2012

GOLD Trade GOLD Trade
I am watching this support-resistance from past few sessions. Details [here].

Price has crossed above lower horizontal resistance area and looks like price is trying to bottom at 1700 area. I expect the broken resistance to turn support on any pullbacks. The lower horizontal area comes at 1760/15 aproxx. 

My strategy is to go long on a touch of lower area at 1716 for a possible move to upper resistance area. Stop loss will be on break and daily close below the resistance area.

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