Gold: May 07 review (weekly strategy for Gold)
Gold: May 07 review (Intraday and Weekly Gold strategy)
Technical review:
Gold prices traded below 20 days SMA today.
On the the up side, Near term resistance $1726.90, after break this level you will see max R1 $1737.00 range(Last Thursday's High). but the next area of attention is below S1 $1684.50(Today's Low). and break this level you will see $1666.20(Major support level). And if break this level, you will expect $1620.00 range(50% fibonacci level).
For Intraday and STBT strategy for Gold is given below:
Entry Level - $1722.50 - $1724.00 range
and keep R1 $1737.00
and wait S1 $1684.50
and wait S2 $1676.00
and wait S3 $1666.20.
Technical review:
Gold prices traded below 20 days SMA today.
On the the up side, Near term resistance $1726.90, after break this level you will see max R1 $1737.00 range(Last Thursday's High). but the next area of attention is below S1 $1684.50(Today's Low). and break this level you will see $1666.20(Major support level). And if break this level, you will expect $1620.00 range(50% fibonacci level).
For Intraday and STBT strategy for Gold is given below:
Entry Level - $1722.50 - $1724.00 range
and keep R1 $1737.00
and wait S1 $1684.50
and wait S2 $1676.00
and wait S3 $1666.20.