GOLD IN $ TERMS
Gold closed at $1239.40 on 12-2-2016
SUPPORT:- $1191.70/1181.60/1169.80/1141.60/1130.40/1128/1122/1103.80/1061.50/1060.20/1044.50.
RESISTANCE: -
$1255.60/1263.90/1297.60/1307.80/1324.30/1346.80/1361.80/1392.60/1434/1487.20/1539.
I
was bullish on gold and had perceived an upside range of $1191—1256(see my post
of 18-1-2016).In fact it hit a high of $1263.90 on 11-2-2016. It is still
looking extremely good and made lot of bullish pattern on the chart, so further
rise is not ruled out but moving up from here, it would face huge resistance in
the range of $1263—1308—1370 and then $1520—1660.But looking at the overall
technical setup now it seems that it is likely to cross at least first range of
$1263-1308-1370 for sure if not second one. Please note that it has good
support at $1191.70/1181.60/1141—1122,therefore as long as it holds $1141—1122
range this up move may continue off course with in between down correction from
time to time. In view of the above buy on dip strategy should be followed, but
if it goes below $1191.70 and $1181.60 level then try long call near $1141-1122
with a stop loss of below $1103 or if it moves and sustain above $1191.70 again.
Please note that it would be safe to try long call above $1191.70 with a stop
loss of below $1180.The bias is clearly on the upside.
REMARKS:-Long
term trend is down but short and medium term trend is up. It is therefore
suggested to adopt buy on dip strategy as suggested above.
Disclaimer:-The
view expressed here are solely of the author and he is not at all responsible
in any way for the outcome of the trade you enter based on the above view.
Note: Price stated here is of spot market
Contact me for strategic
guidance to enter and exit the trade
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Thank you for sharing your views.