An update on the Gold was made yesterday Monday 8.4.2013 about the Gold. However the post was not posted due to server failure.I have re posted my views again here with the caption of Monday’s chart:
The attached picture is a typical rinse and wash pattern where traders with stops below the low of February were all taken out. The show card has been shown and I would like to buy the gold. I would wait for the price to retrace to around 1565 area and look for a first level buy and second level buy at 1555 area. The first target would be 1578.45 and second target at 1606.23. Once first target is achieved, put the remainder of the trade at breakeven. The stop loss would be a close below 1539.82.
09.04.2013 update Gold price has hit the level one target at 1578.45 and looks like level two target is not a problem.