Sunday, November 21, 2010

Gold on 20-11-2011 (Sat)

Me and my team member has total different view on Gold forecast... :p
however, never mind the right or wrong, put everything in perspective, that's no big deal while I am wrong, gotta know how much I lost when I am wrong, and how much I make while I am right?


Closing Price: 1,352
Resistance: 1424
Resistance: 1417
Support 1: 1341
Support 2: 1329

Gold has closed as a Doji sign on Friday which signals a market indecision, new support at 1,341.

While I was waiting market may come to test the support of 1330 again last Friday, market has just came to as low as 1,341 with a pincer bottom + engulf pattern in 30 minutes.

My view on Gold is that this market will go up to hit the first target of 1,373. While 1374 is a minor resistance, this market tend to do little bit of consolidation here before marching higher.

Once it break 1375, next level to watch is 1400.

Based on Friday pattern, we reckon this market to consolidate and test 1,341 again.
My opinion is that aggressive trader can long near support 1: 1341, however, if market break below this level, we reckon Gold to be well supported at 1,330.
Target set at 1,375 followed by 1,400-07.

Always protect your trade with SL, quote a very beautiful sentense from sifu last Friday:
" happy with your profits - small losses are tolerable but don't give up in the game of treasure hunt."
Only small losses are tolerable :) don't compromise your losses once market violates below 1,329.
We as APSRI trader practise 1:3 risk:reward ratio :D

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