Gold dropped from 1580, the trendline (the current resistence), down to 1562 (the previous resistence and now become support).
From wave analysis, Gold is either constructing wave iv, or the 1st correction wave a.
There's high possibility that Gold will swing between the range 1562 - 1583 for a while. Here's my trading plan:
Buy : 1560 -1563 , SL 1557 . TP 1577
Short: 1577- 1583 . SL 1585 , TP 1562, 1545.
From wave analysis, Gold is either constructing wave iv, or the 1st correction wave a.
There's high possibility that Gold will swing between the range 1562 - 1583 for a while. Here's my trading plan:
Buy : 1560 -1563 , SL 1557 . TP 1577
Short: 1577- 1583 . SL 1585 , TP 1562, 1545.
Trade active:
long position open at 1560
Trade closed: target reached:
closed at 1575 now. planning to short around 1577
