Daily Trading Strategies on Gold/Forex

Goldtrader, you think gold can rally here?

 

i am not quite sure about it. bcos around 606~608 is strong resistance level.

again, 600 is strong psychological support.

if both of them are strong enough, it would be going range trading for sometime.

 

there is no trend change. but i just expect a pull back.

short @ 603.2
stop @ 606.5

 

Well gold poking its head above 600 again made me notice it.







__________________

Please, I'm not a daytrader, I'm an "Intraday Liquidity Provider"

1-888-TRADEUP

 

it would have been stopped out. i also posted to short at 609 at kitco.

 

gold broke out of daily down trendline. 610 is a very strong resistance and hopefully gold would break 610 in a few days.

current price: 606
directional bias: bullish
action: long@606, stoploss@599, target@617

 

A close today over $615.00 would be significant. Gold up six out of the last seven days. The weekly moving average for the december ZGZ06 cbot contract is $603.00. I would still be cautious here. Pundits are explaining gold's current rise due to the weak dollar.

 

current market is extremely bullish. so, it is time to short for short term trading i think.

short @ 617
stop @ 620.5

 

Seems like 640 is in the cards soon!

 

current price @ 624
short @ 624
stop @ 627