28/11/2017
Gold Dec 17
Previous close: 1294.4 +7.1
Gold surged yesterday, supported by weaker USD as investors looked ahead to congressional testimony by the nominee to chair the Federal Reserve and a meeting between Donald Trump and Senate Republicans on tax reform.
Hourly chart show gold retreat from a bearish engulfing which is also at RSI overbought and previous high. But with several higher highs & lows, gold possible to make another higher low and rebound after correction.
Price level to watch out today:
Resistance 1299
Support 1285
Recommended Trading Plan Today:
1. Look for buy signal if break higher high above 1299
2. Look for rebound buy signal if expect gold to form a higher low above 1285 previous low.
Margin Requirement (per lot)
USD 5390
Micro: USD 539
Disclaimer: Idea for sharing purpose, trade at your own risk.