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KITCO - gold day trading strategy 17/12 Sideways Asian session Modest increases of Europe Slight increase U.S. session The trading range expected : 1235-1250 Trading strategy : Sell below 1252 , target 1235 . Stop loss above 1258 . Forex Yard - Gold Trading Strategy Day 17/12 Commentary: When there is resistance , the 1250 price changes also follow a downward trend The level of technical support Resistance : 1279 - 1268 -1250 Current Price : 1241.1 Support levels: 1212 - 1197 - 1180 The main strategy : Sell below 1250 target for the 1212-1197 Secondary strategy : If break 1250 targets for 1268 -1279 |
Gold opened the U.S. session to increase through 1237 . Then the bottom fell the day in 1234 when production data better than expected , then reversing up again to its highest level in 1252 due to weakening dollar and rising oil prices , leading up to the short-selling ( buying occupancy blank ) before Fed meeting . This metal under pressure at the end of the day and closed at 1244 .
Thus, gold rose slightly yesterday , closing at 1244 , but still within the trading band of the 5th week . The metal traded mostly sideways since 21/11 , in the range of 1210 to support the resistance in 1268 . The trend is still in a bearish trend , gradually leaving oversold .
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