Gold: May 12 review (Intraday and STBT strategy)

Gold: May 12 review (Intraday and STBT strategy)

Technical Review:

Gold prices traded $1715.50 range at morning US hours.
In last few days, Gold prices traded sideways directions. If Gold holds above $1735.50(Last Friday's high) level, we will expect some more rise till $1745.80(Two week high), while on the opposite direction if prices break below $1693.80(Today's low) range, we will see down trend $1683.90(Last week low).

But for trading point of view book some profit @New low and major support level is $1666.20(21st April low). If break this level, for long term TGT Gold will touch $1620.00 range (50% Fibonacci).

Intraday and STBT strategy for Gold is given below:

Entry point - $1715.50 - $1718.90

And keep R1 $1735.50

And wait S1 $1693.80
And wait S2 $1683.90
And wait S3 $1666.20

Near term view - below $1693.80

Short term view - below $1666.20

Long term view - below $1620.00

Comment: See..…GOLD…..made a low@1701.75 range again today also.....against short@1715.50-1718.90 range yesterday on few hours ago.....see yesterday's short call 1st---what next???

S1 $1690.00
R1 $1720.00….GOLD.....TODAY.......


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