Gold: May 07 review (weekly strategy for Gold)

Gold: May 07 review (Intraday and Weekly Gold strategy)

Technical review:

Gold prices traded below 20 days SMA today.

On the the up side, Near term resistance $1726.90, after break this level you will see max R1 $1737.00 range(Last Thursday's High). but the next area of attention is below S1 $1684.50(Today's Low). and break this level you will see $1666.20(Major support level ). And if break this level, you will expect $1620.00 range(50% fibonacci level).

For Intraday and STBT strategy for Gold is given below:

Entry Level - $1722.50 - $1724.00 range

and keep R1 $1737.00

and wait S1 $1684.50
and wait S2 $1676.00
and wait S3 $1666.20.


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