Gold: May 12 review (Intraday and STBT strategy)
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