Wednesday, November 21, 2012

GOLD Wedge Trade GOLD Trade
Gold is making out a wedge on hourly charts. Price is constrained inside this wedge since the first Nov. 

200EMA has been good indicator if trend direction(white line). It has provided resistance on spikes and has turned resistance-turned-support if broken. Price has recently bounced after touching 200EMA. 

I expect this pair to be range bound for rest of the year and playing pullback from the wedge trendline should be a good strategy.

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