It could be a range bound game for Gold between 1240-1300 zone next. Buying at the bottom of the range & selling at top of the range could be the strategy to be used in weeks till the time it gives convincing break above 1300$ for a new range. Going beyond 1300$ in convincing manner can take it to 1415-1420 $ where gold travels 161.8% of its minute wave i(circled)-a standard distance to be travelled next.
Post a corrective sequence since 1377$ to 1124$- Gold has started its impulsive sequence.
Trading Strategy Scenario Searching for support in 1240-1245 Zone is what I am having on the cards. We want to see Gold holding that zone for target range of 40-50$ in the range 1290-1300$ & Beyond 1300$ for a new range.
Trade active
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08:45 Hrs 4th May2017
Last Price@1240$
Recent Low@1236$
Kissed the zone of 1240-1245$ from 1257$ while updating on 2nd May2017. We shall wait for a bounce to see -what market want's to do next.
Comments
piptamil
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My analysis strong bearish trend will kiss 1220.Lets see