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Last week, Gold has dipped to lowest 1417.81 and it has completed the correction (50% Fibo Retracement) required before it continues to pierce to new high.
Recall earlier posts on Gold:
Till then we will observe for opportunity to hunt for Long in the Gold market, my annual target for Gold lies at 1600-20.
Link: Gold Forecast on 7-Mar-2011
Remember the annual target for Gold is to the upside, therefore, trading long is the best decision, we can only short when Gold is trading at major resistance or with clear bearish chart pattern like last Head and Shoulder in January.
ATR = 20
Key Resistance: 1445
Resistance 1: 1425
Support 1: 1385
Key Support: 1365
Gold in consolidation, probably Monday and Tuesday will face some resistance at 1425, observe for Long opportunity if the resistance pull Gold down to support at 1385.
If Gold break out from either end, the next level will be key resistance 1445, and key support 1365 respectively.
My preference is hunt for Long when Gold find support at 1385, SL secured at 1380 slightly below 15-Mar-2011 (last Tuesday Low).
Good!
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