Saturday, December 4, 2010

Gold on 4-12-2010

Pressure of H/S has been successfully taken out as we seen last Friday long white candle on Gold daily chart.

2nd favorite pattern has developed, for short, patiently waiting for entry.

For Long, resistance 1,423 would be the 1st target,
enter at daily initial shadow of 1408, this is also the pincer top in 30 minutes chart.  Support at 1398.
judging by this risk : reward ratio of 3:2, aggressive trader can enter.. but I prefer not to trade.

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