Daily Trading Strategies on Gold/Forex

[Gold Trader]

although gold is moving above 590, it would be encountering a cluster of resistance around 596~599 area.

watch for sharp reversal.

current price: 592
directional bias: bullish
probability: medium but limited
action: hold long

good luck

gold trader

 

[Gold Trader]

suggested stoploss: 588.5 (you might need to adjust with broker's spread)

 

[Gold Trader]

exit long or reduce some load @ 593.5

suggested stoploss @ 591.5 for intraday traders.

good luck

gt

 

[Gold Trader]

long @ 595
stop @ 591

good luck

gt

 

[Gold Trader]

597~600 area would be a very strong resistance zone.

exit long @ 597

good luck

 

[Gold Trader]

i think gold is a bit weak at current price.

short @ 596.3
stop @ 601

good luck

gt

 

[SethArb]

what time frame (s) do you look at when trading gold ?

depending on the time frame ... gold can appear strong
or weak

 

[Gold Trader]

it is intraday and short term timeframe.

 

[Gold Trader]

exit short @ 589.5

 

[hotboats]

Thank you Gold trader, I trade GG and it seems to follow the price of gold pretty closely. I follow your price calls and it helps me to trade the stock.