Trade of the day: GOLD

The precious metal opened the day above the pivot price which is at 1172. Technically the RSI shows momentum for further upward movement, but caution should be taken.

In taking a trade, watch to see price action around the pivot price. If price makes a bounce and heads back up, then long positions can be taken with targets around 1182 and also 1187. On the other hand if price pushes below the pivot zone and heads down then short positions will be recommended with targets around 1168 and 1162.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s