Gold expected move in correction

Dipak Z Independent Analyst

The U.S Dollar continued to struggle yesterday.Investors took it at a lower against all major currencies. Although jobless claims raised to 244K from 238K, the overall level of unemployment claims remains very low After the Election in U.S, there is a continuous process going on in policy decisions making to tightening the policies in U.S.

Gold

There was a sharp straight rise in gold on 23 Feb as Gold held the level of 1217 as a support, the demand level, from that level gold, is recently trading at 1250 as USD shown the indications to further weakening.So there is still Bullish Scenario on it up to 1269.

Levels For the gold in the uptrend are as per the chart
Resistances 1254 1267 1269 1274 1296

Support 1244 1237 1230 1225 1217

In the chart in which we are looking to short the Gold at 1250 for the correction.

Chart explanation- We can see the price movement in the waves we got the third wave completion of Impulse near 1254, this Wave is currently at resistance we are looking for correction from here up to 1225.
So the strategy is to short gold at 1250/54 with stop loss 1258 and profit which is targeting wave at 1225.

Author

Dipak Z

Independent Analyst

Trader experiencing Indian Stock market since 2009 ( 8 th yr.) With Sbismart and Forex Trading Since 2010 with Hotforex, I am passionate Trader having a compilation of experience Includes Fundamental and Technicians.Other than For

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