Gold: Completed the 10 day bulls

Posted by admin on January 18, 2012 Leave a comment (1) Go to comments

Good day traders!

Gold Daily

Technically;

It’s a nice bulls ride yesterday as the yellow metal rose to more than $25 before eventually closed at $1652.10.
On the daily chart, I drew a downward slope from 2 Dec 12 high to yesterday’s high. Today’s strategies involving a breakout from that slope and challenging yesterday’s high at $1667 and charging towards psycho level $1700.
Using the 10 day candlestick strategy, I am now looking for an entry near to the Moving Average, with stop loss at 50% ATR. Nobody knows when will this bulls fade, so I will likely ride it all the way to the top.
Supports are found at $1641, $1625 and psycho level $1600.
Daily RSI suggest more upside strength from the yellow metal.

Happy piping!

Shufaad

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