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Discussions & Ideas on Gold [XAUUSD]

sheetal

By sheetal
in Technical Analysis

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sheetal Newbie

sheetal

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Hello friends,

 

Please feel free to post in here your opinions and trade ideas about XAUUSD. Fundamental ideas are also most welcome.

 

http://i43.tinypic.com/15gxwrd.jpg

As on 7th May, 2010:

 

Gold seems to be in a solid Up trend. Last pullback (S1) was $1160. Level $1230 is a good R level since we might witness a double top.

 

Since $1130, this metal has been making consecutive new highs without breaching last pullbacks.

 

If this metal is able to breach the $1230 level, we might expect a uphill run till $1310.

 

As on Friday, the close was $1208.50. A long position could be initiated with stop of US$ 58.

 

I could be wrong but these are my thoughts.

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