Friday, September 14, 2012

Gold intraday technical analysis - short term trend remains up and the momentum is strong

After the FED and Ben Bernanke announced the highly anticipated QE3 yesterday, the gold, as an inflation hedge and an alternative to the US dollar, has only one direction to go in the short and medium term and it is north.
The short term trend remains up and the momentum is strong so I'm bullish and looking for a small pullback towards 1760 and 1745, then sharply up to the psychological barrier 1800 which should act as an intraday resistance. 1745 is an important pivotal point for today which is ex-resistance that now should act as support.
My strategy for today will be to go long as close as possible to 1745 with 1800 as take profit target.



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