has been in a correction since it made a double top
at 1375. If you follow my last trade on gold
and still have your short position, I think it is time to take profit. Gold
will probably find some support at 1300-1305. I think there is a long opportunity here according to the chart:
- Trend line
- 38.2% Fibonacci Retrace @ 1307
- Last low at 1305
- Left structure shows major support area
I see a chance that gold
will re-bounce to the resistance area
at 1330-1335. The 23.6% Fibonacci retrace is at 1333.
- Buy Limit @ 1304
- Stop Loss @1297
- Take Profit @ 1332
Stay Tuned !