Gold: May 13 review (Intraday strategy for Gold)

Gold: May 13 review (Intraday strategy for Gold )

Technical Review:

Gold prices traded $1725.50 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 $1701.75(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 strategy for Gold is given below:

Entry point - $1725.50 - $1727.90

And keep R1 $1735.50

And wait S1 $1701.75
And wait S2 $1693.80
And wait S3 $1683.90
Comment: See..…GOLD…..made a low@1710.10 range again yesterday also.....against short@1725.50-1727.90 range yesterday on few hours ago.....see yesterday's short call 1st---what next???

S1 $1700.00
R1 $1750.00….GOLD.....TODAY.......


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