Hello friends,

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

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.