Friday, 1 June 2012

GOLD is ready to rally!!!

GOLD is hovering above support line. Most chances are that the sideways triangular movement is over at 1530 area lows. From that low the move has been impulsive and then followed by a sideways correction. Breaking that low again will diminish the triangle bullish scenario. So long positions have a stop 20$ per ounce right now. Gold could visit 1546 where the 61,8 retracement of the rise will support Gold.

As shown in the short term chart above, the movement from the highs is  more sideways and overlapping than an impulsive one. So the decline is most probably corrective, which means that at least another leg up will follow.  So going long gold with a stop at 1528$ is my trading bet for today.

1 comment:

  1. sorry for not posting this earlier so more people could benefit from this trade....