The metal had retraced the 1,360.00 level, and bounced off sharply as discussed yesterday. Short positions could have been covered and long positions initiated around the 1.370.00 level. The recommendation is still on initiate long positions now (1,385.00), or during intraday dips. The metal seems to have bottomed out for good at sub 1,340.00 level now, and the rally after that has confirmed the same.
Yesterday's low at 1360.00 level would act as immediate support followed by 1,340.00 and 1,320.00 respectively. While resistances are lined up from the 1,450.00 level, through 1,488.00. Looking into the wave structure, the metal should accelerate higher towards at least 1,500/20 levels from here on. Remain long any higher from here.
Trading recommendations: Remain long, buy on dips stop is below 1,335.00, and target is in the range 1500-1525.
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Gold Rally Should Accelerate Towards 1500-1520; Stay Long
Published 05/23/2013, 08:05 AM
Updated 05/14/2017, 06:45 AM
Gold Rally Should Accelerate Towards 1500-1520; Stay Long
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