Gold made stayed in a rangebound zone in the start of the week and then broke the support of 1700 and went all the way till 1660. Gold is highly oversold In this range. My idea is to accumulate gold from this zone with initial selling target of 1800. Only long term entries can be made from this level. For short term trading one should wait before interest rate...
Gold met with resistance at 1993 and a lot of distribution was observed here. My idea is that gold will resume its rally after the distribution is completed. New accumulation will start at either this level or with slight correction. My target is support of 1983 for intraday and resistance of 1995 and 2000.
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