Tuesday, December 23, 2014

GOLD trading recommendation

GOLD - H4 chart

Gold is in bearish mood. Further decline is the most probable scenario now. If it closes below 1176.75, set your targets to 1170.50 and 1160 next. If Gold chooses this option, keep your stop loss tight when it reaches 1165 level.
I wouldn't recommend buying now, but if it remains above 1176.75, it's possible that it gains up to 1187. There's nice retracement level, where the good oportunity for opening short position occurs. If it fails to break 1187 level set targets 1176.75 and 1170.50.
GOLD - H4 chart

GOLD Trading conditions Targets
Sell when Gold closes below 1176.75

T1 1170.50
T2 1160
Sell if it gains but fails to break 1187 level

T1 1176.75
T2 1170.50