GOLD Short Trade

GOLD H4

I am watching this setup from past session since it broke and closed below the support area. Details [here]. 

Now looks like, price is bouncing up to the upper resistance area. I expect that area to become support-turned-resistance. That looks like a good short opportunity if price pulls back from that area. 



I will watching how price reacts at that area for next possible trade. 

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GOLD H4

UPDATE ON 5-Dec-12 17:40 GMT:  As expected, price bounced to the upper resistance area and then pulled back to more lows. 


I went short right on the touch of upper resistance area and has booked my trade now. 

I am expecting the lower resistance area to hold in case price moves more low. At that point, I will go long on touch of lower resistance area.