ATR = 19
Current Support 1403
Support 1400 (Breakout point)
Next Support 1392
Strong Support 1375
Resistance: 1445
Resistance: 1436
Trading at key support!
Gold has approached to 1403 low on last Thursday 10-Mar-11 and made a double bottom at 1405 then close at 1418.90 for the week.
Although we have yet to see the reversal on Day chart, but current support of 1403 is a good level for aggressive traders to pick long, however, if Gold violated 1400 which is a breakout point to the bottom, we at Ayumi the Novice Trader maintain our view that Gold will test 1375 in the coming week.
Trading Plan:
Early of the Week, look for Long opportunity when Gold is trading near 1403-05 level, intraday Long @ 1405, SL at 1400 (or slightly below it), TG 1423 or close at any price at EOD.
When Gold is trading at resistance 1436, look for reversal and prepare to short at this level, target near 1403-1405 support.
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