Forex Today Analysis and Signals GOLD 12.16.2013
Opening today 1327.64 Gold opened higher Friday opening earlier last week that the price of 1225.08 and sideway still occur in GOLD. Technically using fibonaci price and the price is now 1234.61 want to try to get the price up if the price is 1238.37 and can be breached then the next price will lead to the movement of the price range 1242.89 1247.42 - 1256.46 but if the price is not able to penetrate in the price will return even down to the price 1233.85 1229.32 1224.80 price range with movement - 1202.19.
Gold has been pretty choppy recently but finished the week on a positive note, with the short term charts suggesting that we could yet see another test of 1250. It is trading purely around whether tapering will/wont happen and is probably best sidelined. Eventually, It seem Gold will head back below 1200 but that is unlikely yet – unless the Fed do taper on Wednesday – and in the meantime more 1220/1260 trade may lie in store, with a mild bias to the topside.
Recommendations for open positions:
BUY STOP 1239.30
STOP SELL 1229.30
For TP and SL please adjust with MM that you will be at risk
Use Trailing Stops to maximize profit
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