Gold retreated from the 25 March high, down from 1322 to hit a low of
1285 in Asian trading last night, almost the same level that fell on March 7
down from 1345 on February 20th and re-established the classical support level
during this period. General at 1280 which is a reliable support level with some
hedging
Technically, we have a clear sell saturation during this month with a
clear attempt from the Relative Strength Index to re-break the downtrend and
try to re-trade above the 15-day averages and breaching that average will
confirm the recovery of the positive outlook for gold and the possibility of
retesting the support area 1291 and then 1297 and the stability of trading
above that region Gold can push to reach the pivot point at 1305 where trades
within that area can begin to break through the major resistance once again
starting from the initial resistance at 1321 which represents 61.8% Fibonacci
level in the case of trading stability above that point and the success of the
choice We can target the next resistance 1331 which represents 76.4% Fibonacci
and thus the road is open to target the summit, which declined gold during
trading last February at 1346
Of course, we can start to buy gold at any point from now until last
Friday if the accounts can withstand a limited decline but we recommend not to
get involved in bear the declines more than 1260 with the objectives of the
purchase deal sequentially on the 6 levels of profit
Trading Recommendation
Number of transactions: 6 deals with transaction size of 1 micro per
thousand dollars per account
Recommendation: Buy gold from current levels 1286
Stop Loss for All Trades 1260
Take profit on six levels as follows
Make the first profit 1291
Second Profit 1297
Third Take profit making 1305
Fourth profit making 1321
The fifth Take profit 1331
Sixth Take Profit 1346
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