Wednesday, May 16, 2012

Gold Update

On this beautiful Wednesday evening, 16-May-2012

Take a look at Gold, what say you?

Gold Daily Chart

Group Support level: 1522
Psychological Support 1500
Next bottom: 1475

You think it is a good buy now?
I think not yet.

Bargain hunting to buy some precious gold, may be buying action should only come next week.
This week, lets continue shorting!

No signal from hourly chart, no signal from 30 mins chart, not overbought, neither oversold.
Daily Range 23 pts.
Can short when market returns 1540.
Target exit: 1522
Target exit: 1500

Will be greedy to buy when it fall below 1500 towards 1475.


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