My last weeks write up on gold was almost prophetic. Gold on Friday closed at 1878 and made a high on Monday at 1912. and than cracked 210 USD in three days. This is exact pattern of buying climax I have written about.
Today gold is forming a head and shoulder pattern and if it breaks below the trend line 1775 and 1750 it target would be around 1550.
Therefore risky traders can go short on gold at current levels i.e. 1784 -1820 range. stop loss will be at 1850 and target will be at 1500 levels.
Risk averse traders should short gold below 1750 on closing basis stop loss would be at 1850 and target will be 1550.
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| Gold forming Head and shoulder |
Gold short term trend line is at around 1750 if gold breaks below 1750 it will give you a clear short signal.
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| Gold Short trend line |
Gold will atleast move towards its base trend line and support for gold is at around 1530 levels.
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| Gold Long term trend line |
Therefore risky traders can go short on gold at current levels i.e. 1784 -1820 range. stop loss will be at 1850 and target will be at 1500 levels.
Risk averse traders should short gold below 1750 on closing basis stop loss would be at 1850 and target will be 1550.
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