Tuesday, September 25, 2012

Gold on Tue 25 Sep 2012

It was wierd, I entered at market to long Gold at $1757.73 (market order, instant execution) and I also created a pending order to long at $1755, but market didn't come down, and started to trade upwards.



Market was choppy for the past 2 weeks, but yesterday it was a smooth one...
Current support is $1755 since market has resumed upward testing this low for 3rd time in a week.

I am looking forward to Gold breaking the top resistance 1786 and trade towards March high $1790 and then August 2011 high $1800.

But, if a retracement were to happen, it could bring Gold down to $1715, then  $1690.
I don't wish to see Gold testing strong support $1675 but this would be the last defence for uptrend.

In summary:
TG2: 1800
TG1: 1790
Daily Target: 1786
Current Support 1755
S1: 1715
S2: 1690
S3: 1675

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